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.
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.
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%.
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.
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