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
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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.
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