XRP Price Prediction: Analyst Reveals 'Worst-Case Scenario' with Head and Shoulders Pattern

The recent price movement of XRP has sparked a new prediction from a cryptocurrency analyst, as a potential Head and Shoulders pattern appears on the chart. The analyst warns that this technical formation could trigger a significant price correction for XRP, describing this downturn as the worst-case scenario. Analyst Predicts XRP Price Will Drop to $1.15 'Charting Guy', an anonymous cryptocurrency analyst on X (formerly known as Twitter), has revealed a potential head and shoulders pattern on the XRP price chart. The analyst shared insights on the implications of this technical pattern, predicting a potential collapse in the price of XRP. As a well-known bearish reversal pattern, the formation of the Head and Shoulders in the XRP price chart indicates the potential shift from an uptrend to a downtrend. Typically, the Head and Shoulders pattern consists of three peaks: the Left Shoulder, the Head, and the Right Shoulder. However, the Charting Guy has confirmed that the current pattern of XRP includes two right shoulders and one head. Due to this anomaly, the analyst has expressed doubts about the likelihood of the pattern occurring. If the Head and Shoulders pattern finally forms, it could lead to a significant drop in XRP price, potentially bringing the price down to a low of $1.15. This price level aligns with the important Fibonacci Golden Pocket retracement zone between 0.618 – 0.786.

Notably, the analyst described this anticipated price drop as the worst-case scenario for XRP. Although he believes that a downward move is possible, the analyst remains confident that the broader market structure of XRP is bullish. Moreover, Charting Guy argues that if XRP drops to $1.15, it is likely to serve as a healthy retracement in the overall bullish trend. He notes that the price of XRP has maintained the $2 level at daily close, meaning its price action remains strong above support levels. This also indicates the potential for the bullish trend to continue, possibly creating higher highs and lower lows for XRP. Key Support and Resistance Levels to Watch Charting Guy's analysis of the potential head and shoulders pattern of XRP highlights several key price levels to watch. As XRP continuously closes daily candles above $2, the analyst has identified this level as short-term support. XRP has also seen a significant decline during recent pullbacks in the important range from $1.7 to $1.9. Therefore, the cryptocurrency analyst revealed that he will closely monitor this area to look for the possibility of a price rebound. The Golden Pocket retreat zone, representing the worst-case scenario for the price of XRP, ranges from $1.15 to $1.30. If XRP experiences a deeper price correction, the lower support levels have been marked from $1.19 to $0.91. For the resistance levels, Charting Guy has identified $2.27 as the key price level. Additionally, $3.14 - $3.32 has been identified as the upper resistance range, where XRP could rise if the upward momentum continues.