input: Peter Brandt has unveiled a grim market outlook for the XRP price in their near term, predicting prices to tumble to $1.07. The veteran trader is hinging his prediction on the formation of a classic head and shoulders pattern, signaling a trend reversal.
Veteran trader Peter Brandt is turning bearish on XRP price in the near term, predicting a drop to $1.07.
According to an X post on Monday, Brandt says XRP is at risk of tumbling to $1.07 in the near term.
His prediction comes after a previous analysis that saw XRP gain 5% over the last month. However, Brandt notes that XRP’s run of form is coming to an end, and prices will threaten to fall below the $1 mark. His comments stand in stark contrast to a previous prediction tipping XRP price to $27 in 60 days.
At the moment, XRP is trading at $2.30, which the veteran trader translates as range-bound trading. A spike above 3.00 will lead to a correction, while a dip below 1.9 will trigger a grim price slump.
Brandt is hinging his prediction on a classic head and shoulders pattern on the charts for XRP price. The chart pattern often indicates a trend reversal, with Brandt adding that the pattern is “projecting to 1.07.”
“I have no interest up or down. XRP is forming a textbook H&S pattern. So, we are now range-bound. Above 3.00 I would not want to be short. Below 1.9 I would not want to own it. H&S projects to 1.07. Don’t shoot the messenger.”
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