XRP Market Analysis

Prominent cryptocurrency trader Josh Olszewicz believes that XRP bulls are still not out of the woods, as the token remains on “H&S watch.”

Olszewicz refers to the head and shoulders pattern, which chartists use to spot bullish-to-bearish price reversals.

With over 150,000 followers on the X social media network, Olszewicz claims that XRP bulls need to reclaim the $2.85 level to eliminate the likelihood of a bearish reversal.

Currently, the token is trading at $2.51 on the Bitstamp exchange, having experienced a 2.5% increase over the past 24 hours.

XRP had seen a massive rally following the announcement that it would be included in a strategic crypto reserve, but it has since erased most of those gains.

In contrast, Bitcoin (BTC) is close to reclaiming the $93,000 level after it was confirmed that the token would have a special status in the reserve.