The XRP price is tightly maintained over a decisive 2.00 level during the continuous market collapse. However, Ali Martinez expected that based on the XRP style, the accident may not end yet.
About XRP style style
Martinez monitored the head and shoulders style on the XRP chart. This style started with the left shoulder in late December. Then the head came – a higher peak in January reached the highest point. The right shoulder is in February and March, with less peak than the head. This indicates that buyers were losing strength.
The neckline sits about $ 2.10. This is an important support level that connects the low points between the shoulders. When Martinez shared his analysis, the XRP price was trading at $ 1.9938 – already below this neckline. This collapse confirms the hole.
How low the price of XRP?
Technical analysts have a way to calculate the price goals after breaking the style. They measure the height from the head to the neck line, then they put this amount from the neckline itself.
The neck line is about $ 2.10, and its head is about $ 3.10. This gives a height of about $ 1.00. When we put from the neckline, we get a target price between $ 1.10 and $ 1.30. Martinez chose $ 1.30 as his expectation.
A tweet said: “XRP comes out of the head and opening style, which puts the way for a potential movement to $ 1.30!”
If XRP decreases to $ 1.30 from where it is now, it will be a 57 % decrease in the price. This will be a great loss for people who own XRP.
Head and shoulder pattern Famous among merchants. This usually means that the price that was rising will begin to decrease.
XRP was rising before this style appeared. Now that the price has decreased below the neck line, many merchants believe that it will continue to decrease about $ 1.30.
Traders look at this style to help them determine the time of sale or betting against a coin. The clear decrease below the neckline is a strong warning sign. If Martinez has this, XRP may continue to sell in the coming weeks.
This does not mean that the price will definitely decrease. The markets can surprise us, and other things can affect the price of XRP as well. But this style is a good reason for merchants to be careful about XRP at the present time.
Also read: The pro -recovery lawyer explains why Coinbase has just doubled on XRP, and what SEC has known all the time
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