Peter Brandt, a renowned trader and technical analyst, recently shared his insights on XRP's price action.
Introduction to Analysis
Peter Brandt shared his perspective on XRP's price movement, indicating a potential head and shoulders formation on the charts. This analysis was posted on X (formerly Twitter).
Potential Head and Shoulders Formation
Brandt advises treating the sharp price surge experienced around April 7 as an "out-of-line movement," which may need to be excluded from standard pattern recognition. He noted, "A possible head and shoulders in $XRP," acknowledging that such a pattern typically signals a bearish reversal.
Key Levels and Conclusion
Brandt further emphasized that XRP's current trading level is a significant technical area where buying interest might emerge. He concluded his observation by setting a clear trigger for a revised outlook: "I will review if price closes below 1.8xxxx."
Investors and traders will likely be watching this support level closely in the coming days.
