Amidst the broader crypto market crash, XRP has damaged beneath an necessary assist zone that a number of merchants have recognized as pivotal. In a chart shared by crypto analyst Josh Olszewicz throughout his newest YouTube replace, the token exhibits a pronounced break beneath the Ichimoku Cloud on the each day timeframe, with the value now positioned beneath the $2.00 deal with. This transfer additionally locations XRP beneath the neckline of a head and shoulders sample.
How Low Can XRP Worth Go?
Olszewicz describes the chart sample as a “head and shoulders variant mess—Frankenstein’s monster,” indicating that though the formation may not be a textbook head and shoulders, its overall structure strongly resembles a basic bearish reversal. The left “shoulder” shaped across the $2.90 zone in early December 2024, the “head” close to the $3.41 peak, and the proper “shoulder” at roughly $3.00.
As worth continues to float decrease, the entire violation of the neckline area beneath $2.00 underscores the potential for a significant draw back extension. In accordance with Olszewicz, XRP is now “beneath $2, beneath VPVR assist, beneath the vary,” with a chance of dropping beneath $1.50 this week ought to bearish momentum intensify and sellers observe the sample seen in quite a few different altcoins in latest weeks.
“It might not shock me in any respect if we see the whole lot puking and XRP is sub $1.50 this week. Wouldn’t shock me in any respect. It’s held up higher than most alts however it’s some level sellers will take over right here identical to they’ve taken over most alt charts,” Olszewicz stated.
The presence of key Fibonacci ranges on Olszewicz’s chart affords additional perspective on doable assist and resistance factors. The 0.5 retracement, indicated round $2.60, is presently above the market and should act as a major barrier if XRP makes an attempt to reclaim floor.
In the meantime, the 1.618 extension hovers round $1.42, and the two.0 extension close to $1.16 might come into focus if momentum continues to favor the bears and the top and shoulder sample totally performs out.
Jesse Colombo, one other crypto analyst, has weighed in on X with an much more bearish perspective. Colombo means that the top and shoulders construction, if it performs out in full, would possibly “sink [XRP] all the best way again to $0.60 cents in an entire unwinding of its fall rally.”
Contrasting sharply with that outlook is the stance supplied by CrediBULL Crypto, who additionally shared his views through X. Though he acknowledges the latest slip beneath assist, he characterizes it as extra more likely to be a “deviation” or “false breakdown” beneath $1.80 than a real collapse in market construction.
He contends that XRP would possibly wick beneath $1.80 briefly, solely to get well its footing quickly afterward and resume a broader upward trend. In his evaluation, a dip to sub-$1.80 wouldn’t essentially be an indication of inherent weak point, so long as XRP can reclaim that degree comparatively shortly and push past the quick resistance clusters.
“I’m not anticipating a breakdown beneath $1.80, I’m anticipating a deviation beneath it- aka a false breakdown or faux out beneath it earlier than the following leg up. It might not be an indication of weak point if we go to sub $1.80 mainly,” he writes.
At press time, XRP traded at $1.76.
