Veteran trader and acknowledged expert Peter Brandt shared his latest observations concerning the price of XRP cryptocurrency. In his analysis, he highlights a classic head-and-shoulders pattern and forecasts potential price swings for this asset.
Introduction to XRP Price Analysis
Peter Brandt, a known trader since the 1970s, does not avoid the cryptocurrency market. His recent interest in XRP is driven by the emergence of a new pattern on the asset's price chart.
Peter Brandt's Head-and-Shoulders Pattern
Brandt noted that XRP is forming a complex head-and-shoulders pattern, which began in January with a new high of $3.4. Since then, the price has gone into a downtrend, and Brandt warns that if the price does not exceed $3, a drop to $1.07 is possible.
> "Don't shoot the messenger. Your favorite Beanie Baby/Pet Rock crypto displays a classic complex H&S top. This could become bullish if 3.0 is exceeded, otherwise the implications is a decline to 1.07."
Implications for XRP Holders
If the XRP price does not recover and falls to $1.07, it could mean a loss of almost $60 billion in capitalization. Such an outcome would be a severe blow for XRP holders, but according to Brandt, this possibility exists.
Peter Brandt's analysis highlights the existing risks for XRP investors. The question remains open whether the asset can surpass the $3 mark or the market will face a significant correction.
