XRP Faces Potential Downturn as Bearish Pattern Emerges
XRP is nearing a critical point in its multi-month uptrend, according to analyst Josh Olszewicz. He identified a bearish reversal pattern resembling a head and shoulders formation on the XRP/USD daily chart.
Key Points
- The left shoulder peaked at approximately $2.90 in December 2024.
- The head formed in January 2025 with a high of about $3.40.
- The right shoulder developed between mid-February and March 2025, reaching around $3.00.
- The neckline support level is at $2.00, significant as it has acted as support multiple times since December last year.
- XRP currently trades below the Ichimoku Cloud's key levels, indicating loss of upward momentum.
- A breakdown could target a price range of $1.13 to $1.40, based on the height of the head to the neckline.
- $2.85 is identified as the invalidation level for this bearish outlook; closing above this level may signal a continuation of bullish trends.
- As of press time, XRP was trading at $2.07.
