Certified GKH Gardening Expert
If this is in container, then repot into a container with plenty of drainage holes to allow all extra water out, then you can prune it at the bend. It will grow new shoots to replace the top.
If this is in ground, then prune it at the bend. Pruning carries quite a risk, but less than leaving the branch to get infected, further.
Apply a fungicide and wait for new growth.