XRP Price Could Drop to $1.15 Due to Head and Shoulders Pattern
Recent analysis indicates a potential XRP price correction due to the emergence of a Head and Shoulders pattern. Crypto analyst 'Charting Guy' suggests this could lead to a drop to $1.15, marking it as a worst-case scenario.
Key Points
- Head and Shoulders pattern observed, signaling possible bearish reversal.
- Current formation has two right shoulders and one head; doubts about effectiveness noted.
- Projected decline aligns with Fibonacci Golden Pocket retracement zone (0.618 - 0.786).
- Despite bearish outlook, broader market structure deemed bullish.
- XRP has maintained daily closes above $2, establishing short-term support.
- Critical pullback range identified between $1.7 and $1.9 for potential bounce.
- Golden Pocket retracement zone (worst-case) is between $1.15 and $1.30; lower support levels marked from $1.19 to $0.91.
- Resistance level at $2.27 identified; upper resistance range between $3.14 and $3.32 if bullish momentum resumes.
