Jesse Colombo, a widely followed financial analyst, has warned that XRP could be on the brink of a significant crash.
In a recent tweet, Colombo pointed out the formation of a head-and-shoulders pattern on XRP’s daily chart. This is a bearish technical signal that often precedes substantial downward movements.
The $2 Neckline: Make-or-Break for XRP
The chart reveals a head-and-shoulders structure, with a neckline in the $2 to $2.20 range. Colombo emphasized that a decisive close below $2 would confirm the pattern and likely trigger a sharp sell-off, potentially sending XRP into a steep decline.
He added that such a development could lead to panic among investors and negatively impact the broader crypto market.
Notably, Colombo’s bearish observation comes as XRP and the broader crypto market face a new round of turbulence just a day after a massive price surge. On Sunday, XRP approached the $3 mark after trading at $1.96 two days earlier. However, XRP has crashed by over 18%, falling to $2.23.
Observing this, Colombo stated that more significant declines could be in the works should XRP fall below the $2 mark again.
Will Buyers Defend the Support Zone?
Despite the bearish outlook, XRP still has a chance to stabilize if buyers step in at the $2 support level. This threshold has served as a strong accumulation zone since XRP’s sensational price run that pushed the price above $3 earlier this year.
The support zone has often provided a foundation for a rebound, as depicted in Colombo’s chart. However, the bearish pattern could play out if selling pressure continues to mount, reinforcing the analyst’s prediction.
Interestingly, Colombo expressed profound hope that the breakdown would occur. According to him, he “wants the market to punish crypto gamblers severely and for nearly every token to fade into oblivion.”
In his view, society will ultimately be better off when that happens.
I want the market severely punish crypto gamblers and for nearly every token to fade into oblivion.
When that happens, society will be better off, and we’ll be much wiser collectively.https://t.co/34k8nY5Zpl
— Jesse Colombo (@TheBubbleBubble) March 4, 2025
Promising Formation on the XRP Chart
Meanwhile, other market commentators see a promising formation on the XRP chart. Analyst Captain Faibik tweeted that XRP is forming a bullish pennant on the daily timeframe. He highlighted that this formation looks promising for another 80% to 100% bullish rally in the midterm.
Faibik suggests that XRP could target the $5 price point once it rebounds from the current downturn. His perspective essentially views the ongoing bearish market as a buying opportunity, with the belief that XRP could defend the $2 level for a major comeback.
$XRP Bullish Pennant formation on the Daily timeframe..!!
Looks Promising for another +80-100% Bullish Rally in the Midterm..📈#Crypto #XRP #XRPUSDT #XRPArmy pic.twitter.com/AYaqC5Nibs
— Captain Faibik 🐺 (@CryptoFaibik) March 4, 2025
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
