XRP is facing the risk of plummet as a bearish pattern emerges, according to TOP analysts.

A famous analyst is warning that XRP – a popular payment token – is at risk of a sharp decline.

In a recent post on platform X, analyst Ali Martinez shared with his 133,300 followers that XRP may be forming a bearish head and shoulders (H&S) pattern on the daily chart.

The head and shoulders pattern often indicates that an asset is losing momentum and may reverse downwards if the price breaks the support level of this structure.

"XRP is forming a head and shoulders pattern on the weekly chart. The support level at $2 is being watched closely. Maintaining it is very important."

Source: X/Ali MartinezLooking at the analyst's chart, XRP could drop to $1.255 if the bears break the support level of $2.

As of the time of writing, XRP is trading at $2.27, up 1.3% in the last 24 hours.

Next, the analyst believes that Solana (SOL) could rise to the upper limit of an ascending parallel channel after respecting the crossover support line around $126.

An ascending channel is often seen as a bullish pattern, indicating that an asset is creating higher highs and higher lows.

"Is Solana about to surge? It is heading towards climbing from the bottom of the channel to the high resistance level at $140."

Source: X/Ali MartinezAs of the time of writing, Solana is trading at $126, up 1% in the last 24 hours.

Finally, the analyst stated that Qtum (QTUM) may be preparing for a major correction if the price breaks through a key support level that has been held since November 2022.

"QTUM may be about to break out! Keep a close eye on the support level of $1.88."

Source: X/Ali MartinezBased on the analyst's chart, he predicts that QTUM could drop to a low of $0.63.

As of the time of writing, QTUM is trading at $2.29, up 4.2% in the past 24 hours.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making any decisions. We are not responsible for your investment decisions.

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