XRP Requires Right Shoulder Formation Near $1.88 Before Rally
XRP is currently near $2.24, with a potential drop to the high-$1.80s expected to complete an inverse head-and-shoulders pattern before a significant rally. Key points include:
- The right shoulder of the formation needs to form around $1.88.
- A drop to this level represents a 20% decline from current prices.
- Analyst highlights dense liquidity below current levels, suggesting that a move down could flush out weak positions.
- Bitcoin's dominance nearing historical levels may trigger alt-season dynamics impacting major altcoins like XRP.
- The completion of the inverse head-and-shoulders could target prices above $3.50.
- Current market conditions show high open interest in Ether perpetual swaps, indicating vulnerability to forced liquidations.
- Long-term strategy advised includes dollar-cost averaging and maintaining positions through volatility.
The outlook remains bullish for XRP if it can navigate short-term challenges and complete the anticipated price structure.
