Renowned commodities trader and technical analyst Peter Brandt recently shared his insights on XRP’s price action, suggesting a potential Head & Shoulders (H&S) top formation on the charts.
Brandt, known for his traditional charting methodologies, posted his analysis on X (formerly Twitter), highlighting a critical juncture for the cryptocurrency.
His analysis advises treating the sharp price surge experienced around April 7 as an “out-of-line movement,” implying it may be an anomaly that should be excluded from standard pattern recognition. With this adjustment, he identifies a “possible H&S top in $XRP,” a pattern typically signaling a bearish reversal.
However, Brandt immediately tempered expectations for those less familiar with technical analysis, specifically addressing “uneducated trolls.”
He clarified that despite the potential H&S pattern, the chart “need NOT be interpreted as bearish” at present. Crucially, Brandt emphasized that “Price is at support right now.” This indicates that XRP’s current trading level is a significant technical area where buying interest might emerge, potentially negating the bearish implications of the H&S formation.
The veteran analyst concluded his observation by setting a clear trigger for a revised outlook: “I will review if price closes below 1.8xxxx.” This suggests that a sustained break below this specific price level would be required for him to consider the H&S pattern confirmed and adopt a bearish stance on XRP. Investors and traders will likely be watching this support level closely in the coming days.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/market/xrp-peter-brandt-analyzes-potential-head-shoulders-top-and-key-levels/