Analyst Warns XRP Price Could Drop Below $1.00
Renowned trader Josh Olszewicz warns of a potential decline in XRP, which is down 42% since its January peak of $3.40. His analysis indicates two key technical patterns that may lead to further price drops:
- Head and Shoulders (H&S) pattern forming, with the head at $3.40 and shoulders topping between $2.83 and $2.90.
- Bearish kumo breakout from the Ichimoku Cloud, suggesting weakened bullish momentum.
The current price around $2.18 is above the neckline support at $2.00. A breakdown below this level could trigger further declines. Fibonacci levels indicate potential targets at $1.94 and $1.24.
The profit target from the H&S pattern suggests the possibility of an XRP price dropping below $1.00.
Olszewicz's insights serve as a caution for traders amid a market characterized by extreme fear.
Current XRP price is $2.03.
