Analyst Peter Brandt has caught the attention of the XRP community again by indicating a potential head and shoulders formation on the weekly chart.
Chart Analysis of XRP
Peter Brandt is observing how XRP's price fluctuated around $2.00, which aligns with the neckline support in the potential head and shoulders pattern. He believes the recent spike on April 7 may just be an anomaly on the chart.
Current Price Zone and Support
The current XRP price is around $1.99, which is a key support level. Brandt noted he would only reevaluate the structure if XRP closes below the $1.87 mark, which could signal a significant technical breakdown.
Current Market Volatility Conditions
Recent fluctuations in XRP point to a drop in the average true range to 0.4860, which may indicate an impending compression of volatility and a significant move ahead. Meanwhile, the ADX stands at 16.41, suggesting that trend strength is currently fading.
Brandt's analysis has attracted the attention of XRP market participants who are awaiting the next price changes. The current situation remains uncertain, and the coming days may prove crucial.
