XRP chart has ‘bearish implications’, says analyst: Will $1 be the bottom?
XRP has fallen nearly 50% from a multi-year high of $3.66 to under $2. Technical analysis suggests a bearish outlook: failure to hold above the $2 support raises the risk of further declines. A potential double top pattern on the weekly chart may be confirmed if XRP closes below the neckline at $2, possibly triggering a drop to $1.65 (100-week SMA) and, if breached, down to $1.07 (200-week SMA). Elliott Wave analysis points to a target in the $1.20-$1.35 range as part of a corrective move. Historical patterns show similarities to XRP’s 2018 crash, with the possibility of a 70% drop toward $0.60 before recovering to about $1. Despite bearish signals, significant support exists at $1.78-$1.80, which bulls need to defend to avoid deeper losses.
