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The price of XRP slipped 4.7% in the last 24 hours, continuing a High volatility model This defined a large part of March. In the middle of this drop, however, Some see the opportunityWith a popular analyst identifying an interesting reversal scheme which could transform the tide into a bullish trajectory.
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The reverse head and shoulder model appears on the XRP graphic
XRP A extended his decline Run $ 2.47 in the last 24 hours. In particular, XRP is currently down 13.8% in the last three days and now seems that it could easily break below $ 2.10.
Crypto Egrag Crypto analyst taken Social media platform X to highlight what he called a “most likely opposite and shoulders” model which is currently taking place on XRP’s daily time. The model, which has been developing since early March, is now in the final stages of the second shoulder formation. As such, this phase could still see more in the short term, because XRP plunges again to complete the structure of the second shoulder before a rally in small groups.
If it is confirmed, the opposite head and shoulders would lead to a strong bullish reversal, which is will be significant Given the recent return of XRP prices. According to Egrag Crypto, the measured movement of the completion of this training could send the price to a price range between $ 3.7 and $ 3.9.
The analyst says that XRP could reach a record level in 90 to 120 days
The opposite analysis of the head and shoulders is part of an increased perspective which suggests that the XRP price can reach a new summit of all time in the next 90 to 120 days. This prediction, Also done by Egrag Cryptois based on a recurring scheme observed in the RELATIVE RESISTANCE OF XRP (RSI) on the previous bull markets.
He stressed that during the 2017 and 2021 cycles, the RSI indicator on XRP presented two separate peaks, the second peak coming between 90 and 120 days after the first peak. The second RSI peak in 2017 occurred around 120 days after the first peak. A similar scenario occurred in 2021, although the interval between the first and the second high RSI was shorter at only 90 days. This trend opens the way to a historical increase which could align with the rupture of the current configuration of the reverse head and shoulders.
Until now in this cycle, XRP has already completed its first RSI peak, Tall Like 85.17 towards the end of 2024. Following this, the RSI was on a long recharge phase, plunging to a hollow of 65.
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RSI generally increases with increased market participation, capital entries and Haussier price movement. If the trend takes place again in the next 90 to 120 days, RSI of XRP could reach a summit around June. At the time of writing this document, XRP is negotiated at $ 2.12, down 4.7% in the last 24 hours.
Star image of Gemini Imagen, tradingView graphic
