XRP Inverse Head-and-Shoulders Pattern Hinges on Break Above $1.60
Analyst Ali Martinez believes an inverse head-and-shoulders pattern is forming for XRP, which could lead to a $2 target if certain conditions are met.
The pattern requires a decisive break above the neckline at around $1.57 and sustained trading over $1.60 to validate the conditional target. However, XRP's recent price action has been mixed, reaching $1.66 on September 23 but falling back below both levels by September 24.
Martinez's setup depends on a brief move above $1.57 being followed by sustained trading above the neckline and then $1.60. He also notes that approximately 2.5 billion XRP changed hands near $1.60, which could create selling resistance as holders reach their purchase price.
The analyst's bullish case has been supported by large-holder accumulation and a reduction in bearish CME futures positions during the rally. However, if XRP cannot regain $1.57-$1.60, it risks a slide toward the recent $1.29-$1.30 low, which would put pressure on the rebound.