Cryptocurrency trader Josh Olszewicz asserts that XRP is under threat of a bearish reversal, needing to strengthen to avoid further declines.
Josh Olszewicz's Position
Josh Olszewicz, a well-known cryptocurrency trader with over 150,000 followers on the X social network, highlights the head and shoulders pattern suggesting a potential trend reversal from bullish to bearish. According to him, XRP needs to reclaim the $2.85 level to eliminate this threat.
Current Situation with XRP
Currently, XRP is trading at $2.51 on the Bitstamp exchange, having lost 2.5% over the last 24 hours. After a significant rally driven by the news of the token's inclusion in a strategic crypto reserve, XRP has retraced much of its gains.
Bitcoin Market Situation
Meanwhile, Bitcoin (BTC) is close to reclaiming the $93,000 level following its confirmed special status in the crypto reserve. This may influence the overall market sentiment, including XRP.
In conclusion, the cryptocurrency market remains volatile, and market participants should closely monitor chart changes.
