Renowned analyst Peter Brandt has given a cautionary outlook for the price of XRP, suggesting a decline below the crucial $2 support level. His analysis points to the formation of a head-and-shoulders pattern, which could trigger this significant drop.
Peter Brandt Identifies XRP Head And Shoulders Pattern
In a recent post on X, Brandt disclosed that XRP is developing a classic head-and-shoulders pattern, which has led to a range-bound phase for the altcoin. He notes that this pattern forecasts a potential price decline to as low as $1.07. His detailed chart indicates that XRP could see a sharp drop to this target if it fails to maintain support at $1.90.
Additionally, fellow analyst CasiTrades recently pointed out the risk of XRP falling to $1.54, emphasizing that a breach below the $2.25 support and subsequently lower support at $1.90 could trigger such a downturn. However, she believes that the likelihood of this scenario occurring is relatively low due to the robust nature of the $2.25 support level.
Meanwhile, analyst Ali Martinez also engaged with the head-and-shoulders discussion, stating that if XRP surpasses $3, it could negate the bearish pattern noted by Brandt and shift sentiment to a bullish outlook. His analysis supports Brandt’s findings, indicating that a rally above $3 would be pivotal.
Martinez also included visual analysis showing that XRP could plunge to as low as $1.25 should the head-and-shoulders pattern come to fruition. In later comments, he reiterated that the critical support level remains at $2.
Bullish Outlook For The Altcoin
Contrasting these bearish predictions, crypto analyst Dark Defender offers a more optimistic view, forecasting that XRP could soar to $23.20. His analysis indicates that the third wave targets a rally between $5.85 and $8.076, while the final wave could finish in a range between $18.22 and $23.20.
This perspective emerges from Dark Defender’s investigation of the three-month candle patterns, where he asserts that XRP displays a strong bullish momentum on larger time frames, despite short-term fluctuations. He believes that the current consolidation phase is nearing its end, with XRP’s formation of a robust bullish rectangle pattern awaiting a significant upward movement towards new all-time highs.
As of now, the XRP price is trading around $2.25, experiencing a decline of over 4% in the past 24 hours, according to data from CoinMarketCap.
