XRP $1.65 Fakeout and Weekly Gravestone Doji Raises Crash Concerns
Ripple’s XRP spiked to a multi-week high above $1.65 before quickly reversing and falling below $1.50, wiping out most weekend gains. Prominent analysts identified a weekly gravestone doji — a bearish reversal candlestick — after XRP failed to close the weekly candle above the spike. Analyst Ali Martinez noted that the last weekly gravestone doji preceded a ~46% drop in price, suggesting a potential move toward $1.00 or $0.80 if history repeats. CryptoWZRD acknowledged the pattern but called the move a healthy pullback from a low-liquidity spike. XRP bulls like EGRAG CRYPTO argue the move may be part of an irregular Wave 4 corrective pattern that could bottom near $1.30 before resuming a bullish fifth wave. The report highlights heightened short-term volatility for XRP, conflicting trader views, and the possibility of a strong downside if the gravestone doji signals a genuine weekly reversal.
Bearish
The weekly gravestone doji is a classic bearish reversal signal when price spikes but fails to hold gains and closes near the low of the period. Historical precedent cited in the article (a ~46% decline after the last weekly gravestone doji for XRP) reinforces downside risk. Short-term liquidity-driven spikes can create fakeouts; if market participants interpret the weekly close as a confirmed reversal, stop-loss cascades and short-selling could accelerate declines toward key supports at $1.00 and $0.80. Offsetting factors include analyst views that this is a healthy pullback and Elliott Wave bulls who expect a deeper Wave 4 correction before a resumed uptrend; these scenarios suggest a neutral-to-bullish medium-term outlook if support holds near $1.30–$1.50. However, immediate market reaction and the weekly close bias the near-term outlook bearish, increasing volatility and downside pressure for traders.