Popular Analyst Peter Brandt Identifies XRP Head & Shoulder Pattern, Reveals Path To Take
Popular analyst Peter Brandt has provided a bearish outlook for the XRP price, predicting that the altcoin could drop below the $2 support. As part of his analysis, he highlighted a head-and-shoulders pattern that could...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Popular analyst Peter Brandt has provided a bearish outlook for the XRP price, predicting that the altcoin could drop below the $2 support. As part of his analysis, he highlighted a head-and-shoulders pattern that could spark the breakdown below $2.
Peter Brandt Identifies XRP Head And Shoulders PatternIn an X post, Brandt revealed that XRP is forming a textbook head-and-shoulders pattern, which has caused the altcoin to range-bound. He added that the head-and-shoulders pattern projects a price decline to as low as $1.07. The analyst’s accompanying chart showed that XRP could witness a freefall to this target if it loses the $1.9 support.
Crypto analyst CasiTrades had also recently raised the possibility of XRP dropping to as low as $1.54. She revealed that a break below the $2.25 support and lower support at $1.90 could lead to this breakdown to $1.54. However, the analyst suggested that the probability of this happening was really low, as the $2.25 support is holding really strongly.
Meanwhile, crypto analyst Ali Martinez also discussed the head-and-shoulders pattern that had formed for the XRP price. In an X post, he stated that if XRP can break above $3, it would invalidate the current head-and-shoulders pattern, a development that could flip the altcoin’s outlook to bullish. In his analysis, Brandt had also hinted that a rally above $3 could invalidate the bearish pattern.
Martinez’s accompanying chart showed that XRP could drop to as low as $1.25 if this head-and-shoulders pattern plays out. In another post, he again raised the possibility of XRP suffering this price breakdown, while stating that the $2 price level remains the critical support level for the crypto.
Bullish Outlook For The AltcoinIn an X post, crypto analyst Dark Defender provided a bullish outlook for the XRP price, predicting it could reach as high as $23.20. The analyst claimed that the third wave targets a rally of between $5.85 and $8.076. Meanwhile, the fifth wave is expected to finish the move between $18.22 and $23.20.
This prediction came as part of Dark Defender’s analysis of the 3-month candle. He affirmed that XRP boasts a clear bullish momentum on this higher timeframe. He added that there are ups and downs in smaller time frames, but the higher frames supersedes the smaller ones.
In another post, the analyst assured XRP’s consolidation will be over soon. He revealed that the altcoin has formed a great bullish rectangle pattern and that the next leg up will send it to new all-time highs (ATHs).
At the time of writing, the XRP price is trading at around $2.25, down over 4% in the last 24 hours, according to data from CoinMarketCap.
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on NewsBTCRelated market context
Zcash (ZEC) Price Prediction: Whale Goes Long Before FOMC Announcement as H&S Pattern Puts $1,350 in Focus
Traders are watching whether Zcash price can break above $1,350, potentially confirming a bullish chart pattern and opening the wa...
Cardano Price Prediction: Whale Activity Jumps as $0.20 Support Sets Up a Potential Move Toward $0.26
Cardano price is trading close to an important support area after another volatile stretch, with price action now beginning to att...
Bitcoin Price Today: BTC Outperforms S&P 500 Above $80K as Fed Interest Rate Decision Looms
Bitcoin was hovering near $81,412 in the latest TradingView readings provided for October 28, keeping the $80,000 level in focus a...
Bitcoin Price Bounces as Nasdaq Soars, KOSPI Rebounds, and FOMC Hike Fears Persist
Bitcoin price is recovering toward $81,000, gaining nearly 2% as buyers return ahead of the Federal Reserve’s FOMC policy decision...
Coinbase adds Ripple USD support, boosting stablecoin’s accessibility
Coinbase's support for Ripple USD may enhance its market integration, potentially influencing XRP adoption and liquidity in the di...
BNY Adds XRP and RLUSD Custody Support as Ripple Partnership Expands
TL;DR: BNY and Ripple are extending an established reserve-custody relationship into wider digital-asset servicing and possible to...