Prominent cryptocurrency Josh Olszewicz believes that XRP bulls are still not out of the woods, with the token remaining on "H&S watch."

Olszewicz is referring to the head and shoulders pattern that is typically used by chartists for spotting bullish-to-bearish price reversals. 

The prominent trader, who has more than 150,000 followers on the X social media network, claims that XRP bullish would need to reclaim the $2.85 level in order to eliminate bearish reversal likelihood. 

The token is currency trading at $2.51 on the Bitstamp exchange after 2.5% over the past 24 hours. 

XRP experienced a massive rally after it was announced that it would be part of a strategic crypto reserve. However, it has since erased most of its gains. 

Meanwhile, 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.