A closely followed crypto analyst and trader is warning that the payments token XRP is at risk of a massive collapse.
In a new post, crypto trader Ali Martinez tells his 133,300 followers on the social media platform X that XRP may be forming a bearish head-and-shoulders pattern (H&S) on the daily chart.
A head-and-shoulders pattern typically suggests that an asset is losing momentum and could reverse its uptrend if the price breaks below the structure’s support.
“XRP is shaping up a head-and-shoulders on the weekly chart. It spotlights the $2 support. Holding it is crucial.”
Looking at the trader’s chart, he seems to predict that XRP will fall to $1.255 if crypto bears shatter support at $2.
XRP is trading for $2.38 at time of writing, up 2.3% in the last 24 hours.
Next up, the analyst suggests Solana (SOL) may soar to the upper bound of an ascending channel after respecting the pattern’s diagonal support around $126.
An ascending channel is traditionally seen as a bullish pattern, indicating that an asset is printing higher highs and higher lows.
“Solana set to bounce? Eyeing a climb from the channel’s base to the upper resistance at $140.”
Solana is trading for $129 at time of writing, up 1% in the last 24 hours.
Lastly, the trader says the smart contract project Qtum (QTUM) may be gearing up for a huge corrective move if it moves below a key support level that has remained intact since November 2022.
“QTUM could be on the verge of a breakout! Keep an eye on the $1.88 support level.”
Based on the trader’s chart, he appears to predict that QTUM may plunge to as low as $0.63.
QTUM is trading for $2.23 at time of writing, up 4.2% in the last 24 hours.
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Generated Image: Midjourney
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