XRP Technical Analysis Points to Potential Major Downturn
XRP investors are facing a critical juncture as renowned technical analyst Josh Olszewicz (@CarpeNoctom) warns of an imminent price decline. The cryptocurrency, already down 42% from its January peak of $3.40, could be headed for even steeper losses according to compelling technical indicators.
In a recent analysis shared on X, Olszewicz identified two major bearish signals that could spell trouble for XRP holders: a Head and Shoulders pattern formation and a bearish Ichimoku Cloud breakout. Recent market turbulence triggered by trade war concerns may further amplify these technical pressures.
Key Technical Signals
- Head and Shoulders pattern with head at $3.40
- Shoulders forming between $2.83-$2.90
- Critical neckline support at $2.00
- Bearish Ichimoku Cloud breakdown
- 161.8% Fibonacci extension target at $1.24
Market Implications
The technical setup suggests multiple downside targets:
- Initial support: $1.94
- Secondary target: $1.24
- Worst-case scenario: Below $1.00
Expert Analysis
While the technical outlook appears bearish, it’s crucial to note that these patterns don’t guarantee future price movement. Market fundamentals and broader crypto sentiment could still override technical signals. Currently trading at $2.03, XRP faces a critical test of the $2.00 support level.
Source: NewsbtC