Will XRP Price Drop to $0.5? Analyst Sees Head & Shoulders Pattern

XRP gained 3% today after losing 9% over the week. The Market cap is picking up with a 3.47% surge to $128 billion, however, the trading volume is still down, recording a 25% decrease over the last 24 hours. Right now, it’s too early to know if the downtrend is over. 

Crypto analyst Hope Theory on X pointed out a Head and Shoulders pattern on XRP’s chart.

“The pattern is STILL VALID & KICKING.” This pattern suggests that the price will drop soon, possibly all the way to $0.50, according to Hope Theory.

 Hope Theory sees XRP dropping to $0.5 | Source: X

The past few weeks have seen XRP continually pushed downwards by sellers, and it hasn’t been able to break through the $2.6 resistance price levels.

However, the Relative Strength Index (RSI) on the Daily time frame is showing that XRP is oversold, which may mean a reverse is incoming. Moreover, the price looks to be bouncing out a support level at $2.03. Unless the buyers step in at the level with large momentums to break the resistance, the price might keep dropping.

XRPUSD Daily Price Chart | Source: TradingView

Hope Theory reminded his followers of past predictions, saying, “I told you to buy $XRP just before the pump under 0.5$. I told you to Sell $XRP at first target 1$, we entered at 1$ again, told you to sell at 3.3$ (2018 $XRP pump & dump price level).” He believes this history could repeat itself, and XRP could see a similar pattern play out.

Right now, opinions on XRP’s next price actions are split. Some traders think it’s about to turn around and go up, while others are preparing for another drop. 

One thing hanging over XRP’s head is the Ripple vs. SEC lawsuit. The lawsuit has been dragging on for a very long time and has affected the price of XRP. If Ripple wins, XRP could moon. However, if it doesn’t go well in court, it could restrict how high the price is able to climb.