XRP Potentially Set for Massive Price Collapse As Bearish Technical Setup Forms, According to Crypto Trader

XRP Faces Potential Collapse, Solana and Qtum Show Bullish Signs

A well-known crypto analyst and trader has issued a warning about the future of the payments token XRP, suggesting that it may be on the verge of a significant downturn. In a recent social media post, Ali Martinez shared his concerns with his followers, noting that XRP could be forming a bearish head-and-shoulders pattern on the daily chart.

The head-and-shoulders pattern is typically a signal that an asset is losing momentum and could reverse its upward trend if it breaks below the support level. Martinez emphasized the importance of XRP holding the $2 support level to avoid a potential collapse.

According to Martinez’s chart analysis, if the $2 support is breached, XRP could drop to $1.255. At the time of writing, XRP is trading at $2.38, showing a 2.3% increase in the last 24 hours.

On a more positive note, Martinez also highlighted the potential for Solana (SOL) to experience a bullish move, with the cryptocurrency expected to climb towards the upper resistance level of $140 after respecting the diagonal support around $126.

Solana is currently trading at $129, showing a 1% increase in the last 24 hours. Additionally, Martinez pointed out that the smart contract platform Qtum (QTUM) could be gearing up for a significant move if it breaks below the key support level that has held since November 2022.

According to Martinez’s analysis, QTUM could potentially drop as low as $0.63 if it breaks below the $1.88 support level. As of now, QTUM is trading at $2.23, showing a 4.2% increase in the last 24 hours.

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