The ongoing cryptocurrency market bloodbath might have cemented XRP’s bearish move, with the asset potentially staring at an almost 60% drop.
The asset’s technical formations suggest that the recent attempt to move towards $3 might have been invalidated, with the next target at $1, considering XRP is forming a bearish head and shoulders pattern, according to crypto analyst Ali Martinez.
In an X post on March 4, Martinez observed that the pattern has been forming since December 20, 2024, and the last 24 hours of market movement might have confirmed the shoulder formation.
XRP price analysis chart. Source: TradingView/Ali_charts
Notably, the pattern consists of three peaks: a higher peak (head) flanked by two lower peaks (left shoulder and right shoulder). In this line, the ‘neckline,’ identified at the $2 support level, serves as a critical threshold. If XRP sustains a break below this level, it could precipitate a significant downturn.
For XRP, a sustained drop bel
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