Veteran trader Peter Brandt has identified a potential bearish trend for XRP, suggesting it could fall to $1.07 due to a head-and-shoulders pattern. Key support at $1.90 is critical; failure to hold this level may lead to significant losses. Despite his projections, recent developments, including Ripple’s legal settlement and increased institutional interest, present a more optimistic view for XRP.

Veteran trader Peter Brandt has warned that XRP could potentially fall to $1.07 due to a forming head-and-shoulders pattern. This pattern, occurring as XRP battles key support near $1.90, might indicate a downward trend in price. Brandt shared his analysis on social media, emphasizing that XRP is currently range-bound and confirming the bearish outlook based on classic chart patterns.

The head-and-shoulders formation is a technical analysis indicator characterized by three peaks, portraying a transition from bullish to bearish momentum when the neckline at $1.90 is breached. Brandt expressed concern, noting that if this support level fails, a significant decline towards $1.07 could be imminent. He indicated that positions should be cautious, stating, “Above 3.000, I would not want to be short. Below 1.9, I would not want to own it. H&S projects to 1.07.”

The accompanying chart illustrated XRP’s price fluctuations between resistance at $2.9990 and support at $1.9000, with the latest price around $2.45. The downside projection of $1.0714 emerges from the head-and-shoulders structure’s height. Brandt acknowledged potential backlash from the XRP community in light of his analysis, asserting, “Don’t shoot the messenger,” and reiterated his detached approach toward price action.

Despite criticism from XRP supporters, Brandt remains focused purely on data, devoid of sentiment or foundational biases. He recently stated, “To be clear: I could care less what XRP is going to do. If it goes up, I want to be long. If it goes down, I’ve never shorted it.”

Conversely, some positive developments for XRP include Ripple’s settlement of its lawsuit with the U.S. SEC for a diminished fine of $50 million, alleviating a significant legal burden. Increased institutional interest has been signified by 21Shares’ listing of an XRP ETP on Nasdaq Stockholm, while Ripple CEO Brad Garlinghouse has expressed optimism regarding a future U.S. XRP ETF. Furthermore, President Donald Trump’s proposal of including XRP in a U.S. crypto strategic reserve highlights burgeoning political and institutional support.

In conclusion, Peter Brandt’s analysis indicates potential bearish movements for XRP, foreseeing a drop to $1.07 if critical support of $1.90 is breached. His insights suggest caution for investors, given the established head-and-shoulders pattern. Nevertheless, XRP has witnessed recent positive developments, including legal clarity from Ripple’s SEC settlement and growing institutional interest, suggesting a complex landscape for this cryptocurrency.

Original Source: news.bitcoin.com

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