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In the middle of the wider accident of the cryptography market, XRP broke below a large support area that several traders have identified as a pivot. In a graph shared by Crypto analyst Josh Olszewicz during his last YouTube update, the token shows a break under the Ichimoku cloud on the daily time, with the price now positioned under the $ 2.00 handle. This movement also places XRP under the neckline of a head and shoulder pattern.
How much can XRP price go?
Olszewicz describes the motif of the graphic as a “mess varying from the head and shoulders – the Frankenstein monster”, indicating that although the formation is not a manual head and shoulders, its global structure strongly resembles a conventional downward inversion. The left shoulder formed around the $ 2.90 zone in early December 2024, the “head” near the peak of $ 3.41 and the right “shoulder” at around $ 3.00.
While the price continues to derive lower, the complete violation of the neck of the neck less than $ 2.00 highlights the potential for significantly decreasing extension. According to Olszewicz, XRP is now “below $ 2, below VPVR support, below the range”, with the possibility of lowering less than $ 1.50 this week should intensify the dynamics and sellers follow the model observed in many other altcoins in recent weeks.
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“It would not shock me at all if we see everything vomiting and XRP is less than $ 1.50 this week. Would not shock me at all. It is better resisted than most alts, but they are points sellers take over here just as they have taken control of most Alt paintings,” said Olszewicz.
The presence of Fibonacci key levels on the Olszewicz graph offers an additional perspective on possible support and resistance points. The retrace of 0.5, indicated approximately $ 2.60, is currently higher than the market and can act as a large barrier if XRP tries to recover the land.
Meanwhile, the 1,618 extension oscillates around $ 1.42, and the 2.0 extension almost $ 1.16 could develop if momentum continues to promote bears and the head and shoulder model takes place completely.
Jesse Colombo, another crypto analyst, weighed on X with an even more downward perspective. Colombo suggests that the heads and shoulders structure, if it takes place in whole, could “flow [XRP] The whole path has returned to $ 0.60 in a complete course of its falling rally. »»
Contrast strongly with this perspective is the position offered by Credibull Crypto, which has also shared its opinions via X. Although it recognizes the recent shift under the support, it characterizes it as more likely to be a “deviation” or a “false failure” less than $ 1.80 than a real collapse in the structure of the market.
He maintains that XRP could briefly evacuate less than $ 1.80, to recover its place shortly after and resume a wider rise. In its evaluation, a drop of less than $ 1.80 would not necessarily be a sign of inherent weakness, as long as XRP can recover this relatively quickly level and push beyond the immediate resistance clusters.
“I do not expect a ventilation of less than $ 1.80, I expect a gap below – aka a false ventilation or simulated below the next step. It would not be a sign of weakness if we visit less $ 1.80, “he wrote.
At the time of the press, XRP exchanged $ 1.76.
Star image created with dall.e, tradingView.com graphic
https://www.newsbtc.com/xrp-news/xrp-head-and-shelders-how-low-can-it-go/
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