XRP Price Dips Below $2 as Prominent Crypto Analyst Ali Martinez Shares a Bearish Outlook for the Token

The XRP price edged down a fraction of a percentage in the last 24 hours to $2.28 as of 2:56 a.m. EST, and trading volume dropped 19% to $2.4 billion.

The XRP price edged down a fraction of a percentage in the last 24 hours to $2.28 as of 2:56 a.m. EST, and trading volume dropped 19% to $2.4 billion.

This decrease in the Ripple Token price comes as a prominent cryptocurrency analyst, Ali Martinez, shared a bearish outlook for XRP, suggesting the token could hit $1.6, one week after he said XRP could soar to an all-time high of $5.

Is XRP Price Preparing For A Bullish Reversal?

The XRP price chart shows a head and shoulders pattern, which is a bearish reversal pattern signaling a potential downtrend.

The left, head, and right shoulder are clearly marked, with the neckline as key support.

XRP initially broke below the neckline, indicating weakness, but has since found strong support around the $2.00-$2.20 range and is now attempting a recovery, according to GeckoTerminal data.

This failed breakdown scenario suggests that sellers may have exhausted their momentum. If the Ripple token price manages to close above the $2.50 resistance level, it could invalidate the bearish pattern and shift towards a more bullish structure. The next key resistance to watch is the $2.80-$3.00 zone.

The 50-day Simple Moving Average (SMA) at $2.48 acts as immediate resistance, while the 200-day MA at $1.68 remains a strong long-term support. A confirmed move above the 50-day SMA would further support a bullish case.

Meanwhile, the Relative Strength Index (RSI) is at 47.15, which is in the neutral zone. This suggests that XRP is neither overbought nor oversold, meaning there is potential for a bullish breakout or a continuation of sideways movement.

The Moving Average Convergence Divergence (MACD) line is at 0.0131, and the signal line (orange) is at -0.0668, showing a potential bullish crossover.

If this crossover is confirmed and the MACD moves further into positive territory, it would be a bullish signal indicating a potential upward trend.

Ripple Token Price Prediction

Despite the head and shoulders pattern, the XRP price’s ability to hold above $2.00 and reclaim key levels suggests a possible bullish reversal.

If the Ripple token price manages to break above $2.50, the next target would be $2.80-$3.00. If the bulls keep pushing the price, there is potential for a larger rally.

However, failure to clear the $2.50 resistance could lead to another rejection and a possible retest of the $2.00 support level.

A breakdown below $2.00 could bring the 200-day SMA at $1.68 into focus, where buyers may attempt to defend the price.