Ripple (XRP), appears to be on the cusp of completing a bullish head and shoulders (H&S) pattern. This technical formation is widely recognized as a powerful reversal indicator.
Market commentator Steph has recently highlighted the near-completion of this inverted H&S pattern on XRP’s daily chart, suggesting that a major price movement could be imminent.
#Xrp almost completed this inverted head and shoulders formation on the daily
Close above $0,65 and fly to $1,10 in no-time! pic.twitter.com/4zPdPOfezv
— STEPH IS CRYPTO (@Steph_iscrypto) September 17, 2024
The potential for Ripple to surge past the $1 mark in the short term has become a topic of intense speculation. This prospective rally comes at a time when XRP has been consolidating, with its current price hovering around $0.569.
The completion of the H&S pattern could signal the end of this consolidation phase and the beginning of a new uptrend, potentially propelling XRP to heights not seen since December 2021.
Anatomy of XRP’s Head and Shoulders Formation
The formation in Ripple’s chart showing an inverted head and shoulders pattern has been a months-long process.
The left shoulder began taking shape when Ripple plummeted from its $0.70 peak in December 2023 to a low of $0.4855 in January 2024. A subsequent recovery pushed the price to $0.7449 by March 2024.
The head of the pattern was established during the broader market correction that followed, with Ripple price touching a low of $0.3824 in July 2024.
The recovery from this to $0.6580 on July 31 marked the completion of the head. Currently, the right shoulder is in progress, with Ripple having recently bounced from a low of $0.5026 on September 6.
Steph emphasizes that Ripple’s price breakout above the neckline at $0.6580 would confirm the pattern, potentially triggering a rapid ascent towards $1.10.
Also Read: Ethereum Set For Reversal? Smart Money Bets $13M Ahead of FOMC Decision
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