XRP is currently down by more than 5% and is trading at $2.06 at the time of writing. The price of XRP is once again following the lead of Bitcoin, a pattern that has been seen time and again in the crypto market. As Bitcoin experiences a pullback, most altcoins, including XRP, tend to react in a similar way. And right now, things aren’t looking too bright for XRP on the daily chart.
According to a recent technical analysis, XRP appears to be forming a bearish head and shoulders pattern — a classic price chart formation that often signals a possible drop ahead. The pattern consists of a left shoulder, a head, and a right shoulder, with a key support level known as the “neckline.” In XRP’s case, this neckline lies between $2.10 and $2.15. The price has started breaking below this zone, although a final confirmation is still needed.
What’s Next For XRP Price?
An analyst suggests that XRP is in the fifth and final stage of its upward movement. So far, the price has made four upward moves, with a few small dips along the way. Now, it seems to be climbing higher, believed to be in the fifth wave.
According to this pattern, once the fifth wave wraps up, the market typically sees a significant price drop or correction. If the trend holds, XRP might soon reach new all-time highs. However, traders should tread carefully, as a major correction often follows when prices hit these new peaks.
On a shorter time frame, XRP recently completed a small five-wave upward move, starting from its low in April. Since then, the market has been pulling back, creating what analysts refer to as a three-wave correction.
This pullback isn’t finished yet. The expert predicts that XRP might dip a bit more before it resumes its upward trend. The correction zone is currently between $1.27 and $1.79. Ideally, the price could drop one last time to around $1.26 to $1.23 before kicking off a fresh rally.
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