Veteran Trader Expects XRP Price Crunch To $1.07

As the crypto market drawdown on Thursday sent Ripple (XRP) back to retest the $2.40 price region as support, some seasoned crypto traders are expecting a much larger XRP price crunch.

Crypto traders are keeping a close eye on Ripple (XRP) as it trades at the lower FIB levels and retests the $2.40 price region. Some seasoned traders are expecting a much larger XRP price crunch.

Veteran Trader Expects XRP Price Crunch To $1.07

Peter Brandt, a Futures market trader since 1975, is expecting more downside for Ripple (XRP) with the classic Head ‘n’ Shoulders pattern forming on XRP charts. Measured in daily bars, this bearish structure is forming after the altcoin’s quarterly top at $2.99, meaning that a break above $3 would simply invalidate the current bearish pattern.

On the other hand, the range-bound XRP price could face a massive downturn if it doesn’t consolidate above $1.90, the OG leveraged trader suggests. Peter Brandt assessed that the Head ‘n’ Shoulders structure points to Ripple (XRP) dumping to $1.07.

“Don't shoot the messenger”, – ironically remarked the veteran crypto & stocks trader, predicting the third largest non-stablecoin asset’s capitulation to just above $1. If the bearish projection takes place, that would represent a 55% downturn from where XRP price currently stands.

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According to reports on Thursday, August 17, the crypto market drawdown on Thursday sent Ripple (XRP) back to retest the $2.40 price region as support.

Some traders believe that a larger XRP price crunch is coming.

Veteran Trader Expects XRP Price Crunch To $1.07

Peter Brandt, a Futures market trader since 1975, is expecting more downside for Ripple (XRP) with the classic Head ‘n’ Shoulders pattern forming on XRP charts. Measured in daily bars, this bearish structure is forming after the altcoin’s quarterly top at $2.99, meaning that a break above $3 would simply invalidate the current bearish pattern.

Those interested can check out the updated chart. The trader has no vested interest up or down.

As Peter Brandt, known for his analysis on leveraged tokens and OGs, pivots to covering the altcoin market, he notes that the range-bound XRP price could face a massive downturn if it doesn’t consolidate above $1.90.

The OG leveraged trader suggests that the Head ‘n’ Shoulders structure points to Ripple (XRP) dumping to $