Skip to content

Sign Up

or

Forgot Password?

Don't have an account?

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account?

XRP to drop to $1, warns 40-year trading veteran

XRP to drop to $1, warns 40-year trading veteran
Paul L.

While XRP traders are looking at $3 as the next possible psychological target to breach above, the technical picture shared by veteran trading expert Peter Brandt paints a contrasting scenario.

Brandt’s projection suggests that the asset could drop to $1.07, considering the chart is forming a textbook Head and Shoulders (H&S) pattern, a bearish signal, according to his March 26 X analysis

With over four decades of experience, the trader noted that XRP is range-bound between $1.90 and $3.

XRP price analysis chart. Source: Peter Brandt

In this case, the bearish formation from the technical indicators could be invalidated if the asset pushes above $3, making it risky for traders betting against XRP. However, if the price breaks below $1.90, it could confirm the H&S pattern and set the stage for a further drop.

The Head and Shoulders pattern signals a potential trend reversal from an uptrend to a downtrend. It features three peaks: a left shoulder, a higher head, and a lower right shoulder. 

With XRP’s neckline at $1.90, a breakdown with strong volume could confirm the pattern and target $1.07, which aligns with Brandt’s analysis, although he didn’t offer a timeline for these price targets.

XRP’s path to double-digit price

On the other hand, pseudonymous cryptocurrency analyst Dark Defender offered a contrasting opinion in another analysis on March 26.

The expert observed that XRP’s three-month candle closes on March 31, with bullish momentum signaling a potential breakout. This outlook aligns with the Elliott Wave Theory, which identifies market cycles in five-wave patterns, three impulse waves, and two corrective waves.

XRP price analysis chart. Source: Dark Defender

Currently, XRP is in Wave 3, with targets between $5.85 and $8.07. As per the expert, if Wave 5 is attained successfully, it would be even more bullish, with the token likely trading at a new record high between $18.22 and $23.20. 

It’s worth noting that DarkDefender is a pro-XRP analyst who frequently leans toward bullish predictions. While his insights are valuable, they should be viewed with a healthy dose of skepticism.

Indeed, these double-digit valuations align with a projection by Ryan Lee, an analyst at Bitget, who foresees the asset trading at $10, albeit by 2030.

Beyond technical indicators, XRP has Ripple-specific catalysts that will likely spur a bullish breakout. In this regard, investors will be anticipating the ongoing final stages of concluding the Securities and Exchange Commission (SEC) case, which might drive significant capital inflow. 

Additionally, the possible approval of a spot exchange-traded fund could trigger even more capital inflow.

XRP price analysis

In the short term, XRP is trading in tandem with the wider cryptocurrency market. As of press time, the token was valued at $2.41, down almost 1.4% on the daily chart, while the weekly timeframe is also in the red by 5.4%.

XRP seven-day price chart. Source: Finbold

Meanwhile, XRP’s price is at a critical juncture, where breaching the $2.50 resistance could potentially trigger a price rally while losing the $2.40 support might lead to extended losses.

Featured image from Shutterstock

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users worldwide
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Services

IMPORTANT NOTICE

Finbold is a news and information website. This Site may contain sponsored content, advertisements, and third-party materials, for which Finbold expressly disclaims any liability.

RISK WARNING: Cryptocurrencies are high-risk investments and you should not expect to be protected if something goes wrong. Don’t invest unless you’re prepared to lose all the money you invest. (Click here to learn more about cryptocurrency risks.)

By accessing this Site, you acknowledge that you understand these risks and that Finbold bears no responsibility for any losses, damages, or consequences resulting from your use of the Site or reliance on its content. Click here to learn more.