Amidst the broader crypto market crash, XRP has broken below an important support zone that several traders have identified as pivotal. In a chart shared by crypto analyst Josh Olszewicz during his latest YouTube update, the token shows a pronounced break beneath the Ichimoku Cloud on the daily timeframe, with the price now positioned under the $2.00 handle. This move also places XRP below the neckline of a head and shoulders pattern.<\/p>\n
Olszewicz describes<\/a> the chart pattern as a \u201chead and shoulders variant mess\u2014Frankenstein\u2019s monster,\u201d indicating that although the formation might not be a textbook head and shoulders, its overall structure<\/a> strongly resembles a classic bearish reversal. The left \u201cshoulder\u201d formed around the $2.90 zone in early December 2024, the \u201chead\u201d near the $3.41 peak, and the right \u201cshoulder\u201d at roughly $3.00.<\/p>\n As price continues to drift lower, the complete violation of the neckline region below $2.00 underscores the potential for a meaningful downside extension. According to Olszewicz, XRP is now \u201cbelow $2, below VPVR support, below the range,\u201d with a possibility of dropping under $1.50 this week should bearish momentum intensify and sellers follow the pattern seen in numerous other altcoins in recent weeks.<\/p>\n \u201cIt would not shock me at all if we see everything puking and XRP is sub $1.50 this week. Would not shock me at all. It\u2019s held up better than most alts but it\u2019s some point sellers will take over here just like they\u2019ve taken over most alt charts,\u201d Olszewicz said.<\/p>\n The presence of key Fibonacci levels on Olszewicz\u2019s chart offers further perspective on possible support and resistance points. The 0.5 retracement, indicated around $2.60, is currently above the market and may act as a significant barrier if XRP attempts to reclaim ground.<\/p>\n Meanwhile, the 1.618 extension hovers around $1.42, and the 2.0 extension near $1.16 could come into focus if momentum continues to favor the bears and the head and shoulder pattern fully plays out.<\/p>\n Jesse Colombo, another crypto analyst, has weighed in<\/a> on X with an even more bearish perspective<\/a>. Colombo suggests that the head and shoulders structure, if it plays out in full, might \u201csink [XRP] all the way back to $0.60 cents in a complete unwinding of its fall rally.\u201d<\/p>\n Contrasting sharply with that outlook is the stance offered by CrediBULL Crypto, who also shared<\/a> his views via X. Although he acknowledges the recent slip beneath support, he characterizes it as more likely to be a \u201cdeviation\u201d or \u201cfalse breakdown\u201d below $1.80 than a true collapse in market structure.<\/p>\n