Critical XRP Price Analysis Reveals Bearish Pattern
A prominent crypto analyst who accurately predicted XRP’s previous decline below $2 has released a shocking new forecast that suggests further downside ahead. According to TradingView analyst MMBTrader, XRP could be heading for a dramatic price crash to $1.5, representing a potential 50% decline from current levels.
Currently trading at $2.2, XRP has shown modest gains of 3% in the last 24 hours, but technical indicators paint a concerning picture for the cryptocurrency’s short-term prospects. As with Bitcoin’s recent market correction, XRP appears to be succumbing to broader crypto market pressures.
Head and Shoulders Pattern Signals Potential Breakdown
The bearish forecast centers on a clear Head and Shoulders pattern identified on XRP’s daily chart. This classic technical formation, comprising three distinctive peaks, typically signals a trend reversal from bullish to bearish momentum. The pattern’s neckline sits at approximately $1.95, representing a critical support level.
Key Price Levels to Watch
- Current Price: $2.20
- Critical Support: $1.95
- Target Price: $1.50
- Worst-case Scenario: $1.20
Alternative Bullish Scenario
Despite the bearish outlook, MMBTrader hasn’t ruled out a potential bullish reversal. If XRP maintains price stability around $2 without breaking lower, a significant bounce could materialize. The analyst suggests a possible rally to $5 following any major correction, particularly if support holds at $1.5.
Whale Activity Signals Confidence
In a significant development, crypto analyst Brett has reported major whale accumulation, with one entity purchasing 167 million XRP ($368.4 million) in a single transaction. This substantial buy comes despite the broader market uncertainty, suggesting some institutional investors view current price levels as attractive entry points.
Market Context and Outlook
XRP’s recent performance mirrors the broader crypto market’s struggles, with the asset recording an 11.6% decline over the past week. This downturn coincides with significant liquidations across the cryptocurrency space, affecting major assets including Bitcoin and Ethereum.
Source: NewsBTC