XRP’s price action has taken a bearish turn as the cryptocurrency has fallen below a critical support level, completing a head-and-shoulders pattern. Ali Martinez (@ali_charts), a well-known crypto analyst, has highlighted this development, indicating that the digital asset may be poised for a deeper drop. XRP’s Head-and-Shoulders Pattern A head-and-shoulders pattern is a well-known technical indicator signaling a potential trend reversal from bullish to bearish. In this case, the asset’s price chart exhibits a left shoulder, a higher peak forming the head, and a right shoulder, followed by a break below the neckline—the key support level that marks the transition to a downtrend. The chart illustrates this structure clearly, and the decisive move below the neckline suggests that selling pressure has intensified, confirming the bearish pattern. The asset formed the left shoulder after its remarkable surge in late 2024 following the announcement of former SEC Chair Gary Gensler’s resignation . This price surge sent the asset to a multi-year high of $2.86 before a brief pullback. In January, the asset began another climb, crossing $3 for the first time since 2018 to form the head and reach another multi-year high of $3.39. However, bearish market pressure pulled the asset down again, and it did not form the right shoulder until the price surge that followed the dismissal of the SEC’s appeal against Ripple. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Price Implications and Bearish Target Martinez pointed out that XRP’s break below support sets the stage for a potential move to $1.3. At the time of his analysis, the digital asset traded at $1.99. It has since recovered, trading at $2.14, but it could fall again as the broader market struggles. Many cryptocurrencies are still experiencing volatility, and if XRP fails to stay above its support level, bearish sentiment could drive prices lower, potentially testing additional support zones. Potential Scenarios for XRP For a bullish recovery, the digital asset must remain above the broken support level and reestablish momentum above the neckline just below $2.1. If buying pressure increases, a reversal could invalidate the bearish pattern. However, without strong support from buyers, the projected downside target remains in focus. Martinez has been tracking this head-and-shoulder pattern for some time. The community will closely watch its next moves to know whether it stabilizes or starts a downward trajectory. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post XRP Is Breaking Out of a Head-and-Shoulders Pattern. Here’s the Significance appeared first on Times Tabloid .
