Experienced trader Peter Brandt has shared a warning about XRP, suggesting a potential drop in the coin’s value. On social media platform X, Brandt pointed out a head and shoulders (H&S) pattern in XRP’s price chart, which could indicate a bearish turn for the asset.
Brandt observed that XRP is currently trading within a range, with the H&S pattern marking key resistance and support levels. The H&S formation, which consists of three peaks, is a traditional technical signal that suggests a shift from upward to downward momentum if the support level, also known as the “neckline,” is breached.
According to Brandt, the neckline is situated around the $1.90 mark. If XRP falls below this threshold, the pattern projects a price target as low as $1.07. Brandt further explained his stance by stating, “I wouldn’t consider shorting above $3 or below $1.90. The pattern points toward $1.07.”
In his analysis, Brandt illustrated XRP’s recent price fluctuations, with resistance at $2.99 and support at $1.90, noting that the current price was hovering around $2.45. He derived the downside target of $1.07 using the height of the H&S pattern, a standard method in technical analysis.
Despite the controversy his prediction may stir within the XRP community, Brandt made it clear that his outlook is based solely on the data. He responded to any potential backlash by saying, “No offense to the messenger,” and emphasized his neutral position on XRP, stating, “If XRP rises, I’ll go long; if it drops, I won’t short it.”
Editorial Team
Reporter at Coindoo
Source: https://coindoo.com/xrp-faces-potential-downturn-according-to-crypto-experts-recent-analysis/