XRP is currently hovering around $2.52 on the daily chart, maintaining a delicate balance between bullish momentum and the potential for a major reversal pattern. Renowned crypto analyst Josh Olszewicz (known on X as @CarpeNoctom) has shared a detailed Ichimoku-based chart, highlighting a possible Head and Shoulders formation. According to Olszewicz, a sustained break above $2.85 could likely invalidate bearish concerns tied to this classic reversal setup.
Can XRP Bust Through $2.85?
XRP’s most recent rally took shape in mid-October 2024, when it traded near $0.48 before rising sharply toward $3.3999 in early 2025. This rally unfolded rapidly, suggesting robust buying pressure and a strong bullish sentiment through the end of 2024. However, after hitting a local peak around $3.40, XRP has pulled back to the $2.50 area, creating a pivot region that now defines the immediate trend direction.
On Olszewicz’s chart, employing Ichimoku settings of (20, 60, 120, 30), the price currently hovers near the Conversion Line (Tenkan-Sen) at approximately $2.4750, while the Base Line (Kijun-Sen) is positioned closer to $2.5749. The Ichimoku Cloud itself projects forward, with Senkou Span A around $2.57 and Senkou Span B near $1.94, forming a green band that indicates broader bullish support as long as the price stays above the Cloud. The chart reveals that XRP has managed to remain above most Ichimoku levels, reflecting ongoing positive momentum despite recent volatility.
Within this framework, the Head and Shoulders formation appears as a potential signal of a bearish reversal. This formation seems to be anchored by a head near $3.3999, with potential “shoulders” forming close to the $2.85 and $2.90 zone. Olszewicz noted that a move above $2.85 would help negate the likelihood of a bearish breakdown, while a sustained rejection below that level keeps the Head and Shoulders possibility firmly in play. Market participants will also be attentive to the $2.0 region, often interpreted as the neckline for this formation, since a decisive drop beneath it may confirm the reversal pattern.
Additional price regions highlighted by the chart clarify the ongoing bullish and bearish tug-of-war. The Kijun-Sen around $2.5749 serves as an important medium-term pivot, frequently acting as both support and resistance in Ichimoku analysis. Meanwhile, the bottom of the Ichimoku Cloud near $1.94 stands as a last line of defense for bulls should any deeper pullback occur.
Ultimately, the broader sentiment hinges on whether XRP can break above the $2.85 threshold to nullify the threat of the Head and Shoulders formation. If the market reclaims levels above that price zone, it would indicate that bullish momentum remains intact. Conversely, a failure to surpass $2.85, combined with a drop below $2.0, could suggest a deeper reversal and invite further selling pressure.
At press time, XRP traded at $2.60.
