XRP Confirms Head And Shoulders Breakdown: How Low Can It Go?

Amidst the broader crypto market crash, XRP has damaged under an essential 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 reveals a pronounced break beneath the Ichimoku Cloud on the day by day timeframe, with the worth now positioned below the $2.00 deal with. This transfer additionally locations XRP under the neckline of a head and shoulders sample.

How Low Can XRP Value 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 traditional 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 suitable “shoulder” at roughly $3.00.

As worth continues to float decrease, the whole violation of the neckline area under $2.00 underscores the potential for a significant draw back extension. In keeping with Olszewicz, XRP is now “under $2, under VPVR assist, under the vary,” with a risk of dropping below $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 all the pieces puking and XRP is sub $1.50 this week. Wouldn’t shock me in any respect. It’s held up higher than most alts nevertheless 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 attainable assist and resistance factors. The 0.5 retracement, indicated round $2.60, is presently above the market and will 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 may come into focus if momentum continues to favor the bears and the pinnacle 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 pinnacle and shoulders construction, if it performs out in full, may “sink [XRP] all the way in which again to $0.60 cents in a whole unwinding of its fall rally.”

Contrasting sharply with that outlook is the stance supplied by CrediBULL Crypto, who additionally shared his views by way of X. Though he acknowledges the latest slip beneath assist, he characterizes it as extra prone to be a “deviation” or “false breakdown” under $1.80 than a real collapse in market construction.

He contends that XRP may wick below $1.80 briefly, solely to get better 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 spot, so long as XRP can reclaim that degree comparatively shortly and push past the quick resistance clusters.

“I’m not anticipating a breakdown under $1.80, I’m anticipating a deviation under it- aka a false breakdown or faux out under it earlier than the following leg up. It might not be an indication of weak spot if we go to sub $1.80 principally,” he writes.