Renowned trader Peter Brandt has identified a "head and shoulders" pattern forming on the XRP chart, indicating a potential significant price decline.
Reasons for Concerns
Peter Brandt, with over five decades of trading experience, highlighted that XRP's inability to sustain previous highs raises concerns about a potential downturn. Currently trading around $2.35, the asset has already retraced by 3.81%, reflecting market uncertainty. Brandt noted that the "head and shoulders" pattern often signals a transition from an uptrend to a downtrend.
Key Price Levels
Brandt mentioned that a drop below $1.90 would confirm a bearish trend, while a breakout above $3 could negate the "head and shoulders" pattern and renew bullish sentiment. This would require the asset to rally by 28% from its current value.
Additional Analyst Predictions
Analyst Ali Martinez pointed out that $2 is a crucial support level for XRP. If this support fails, the asset could drop to $1.60. Another analyst, Crypto Patel, predicts a further decline before a strong recovery. He identified several support ranges: $1.712 to $1.545, $1.00 to $0.9268, and $0.772 to $0.64. Despite these short-term bearish projections, Patel suggests the asset could eventually rise to $5.
As traders closely monitor price movements, the coming weeks will be crucial to determine whether the bearish pattern plays out or if the asset can maintain its current levels.
