Martinez’s September 23 chart points to a possible inverse head-and-shoulders pattern. His bullish case depends on a decisive break above its neckline, reported near $1.57, followed by a move through resistance around $1.60. The $2 figure is a conditional chart target, not a date-specific forecast.
That test has become harder. XRP traded as high as about $1.66 on September 23 before pulling back. CoinGecko showed it near $1.51 during the September 24 check, leaving it below both levels.
Why $1.60 Matters
An inverse head-and-shoulders pattern describes a potential turn from a downtrend: a low, a deeper low, then a higher low. Traders watch the line above those lows: the neckline for evidence that buyers can push past earlier selling.
For Martinez’s setup, a brief move over $1.57 would be less convincing if XRP immediately falls back. Sustained trading above the neckline and then $1.60 would make the pattern stronger. Martinez also identified roughly 2.5 billion XRP that previously changed hands near $1.60, a possible source of selling as holders reach their purchase price. That cost-basis figure does not guarantee resistance.
What Could Weaken the Bull Case?
XRP’s recent rebound has had support from large-holder accumulation, but holdings data alone cannot confirm a breakout. Coinpaper also tracked a reduction in bearish CME futures positions during the rally; closing short positions is different from a sustained wave of new buying.
If XRP cannot regain $1.57–$1.60, the market remains below the level Martinez says would confirm his pattern. A further slide toward the recent $1.29-$1.30 low would put the rebound itself under greater pressure.
