Peter Brandt Reveals His Prediction About XRP Price: "It Is Heading Towards This"

Veteran trader Peter Brandt published a cautionary analysis on XRP, highlighting the coin's potential bearish move. Sharing his views on social media platform X, Brandt spotted a classic (H&S) head and shoulders pattern in XRP's price action, signaling a potential decline. Brandt notes that XRP is currently locked in a trading range, with the head and shoulders pattern forming significant resistance and support structures. Characterized by three peaks, this pattern is considered a technical indicator of a shift from bullish momentum to bearish momentum when the support "neckline" is broken. According to Brandt, the neckline is at around $1.90. If XRP breaks below this level, the bearish target is set at $1.07. Further explaining his outlook, Brandt stated: "I do not want to short above $3. I do not want to short below $1.90. The H&S is approaching $1.07." Brandt's chart shows that XRP is fluctuating between the resistance level of $2.9990 and the support level of $1.9000, with the final price around $2.45. The expected fall is at $1.0714 based on the height of the head and shoulders pattern, a popular method in technical analysis. Acknowledging the controversial nature of his analysis within the XRP community, Brandt stated that his views are entirely data-driven. He responded to potential criticisms by saying, "No offense to Messenger." He also clarified his neutral stance on XRP: "To be clear: I don't care what XRP does. If it goes up, I want to buy long-term. If it falls, I will never short sell."