Veteran trader and author Peter Brandt has shared his analysis of XRP’s price movement, predicting a potential range between a bullish rise to $3 or a bearish decline to $1.07, based on a classic head-and-shoulders pattern.
As of the time of writing, XRP was priced at $2.15, marking a 1.3% increase in the past 24 hours according to CoinGecko.
Brandt, who has extensive experience in financial markets dating back to the 1970s, is known for applying his expertise to cryptocurrency markets. His current focus is on XRP, the fourth-largest cryptocurrency by market cap, which has caught his attention due to recent technical developments.
The veteran trader identified the formation of a head-and-shoulders pattern in XRP’s price chart. This pattern suggests two potential outcomes: a bullish breakout pushing the price to $3 or a bearish drop to $1.07.
Brandt explained that this head-and-shoulders formation began taking shape in January when XRP reached a peak of $3.40. However, since then, the asset has been in a downward trend and has struggled to reclaim the $3 mark.
He emphasized that without a clear breakout above the $3 resistance, the technical outlook indicates a likely drop toward $1.07, representing nearly a 50% decline from its current price. With XRP’s current market capitalization of $121 billion, such a drop could erase about $60 billion in value—an amount greater than Solana’s total market cap of approximately $64 billion.
While the exact outcome remains uncertain, Brandt warns that the risk of a significant downturn is substantial.
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