Peter Brandt Turns Bearish on XRP Price Despite Ripple’s Push for Multichain Expansion

Veteran trader Peter Brandt has expressed a bearish outlook on XRP, suggesting the price chart is forming a classic double-top reversal pattern, which typically signals waning bullish momentum. Brandt acknowledged this pattern could fail but maintained its current bearish implications.

This technical caution contrasts sharply with recent fundamental developments for Ripple. Ripple is expanding its stablecoin, Ripple USD (RLUSD), across Layer 2 networks like Optimism and Base using the Wormhole NTT standard, aiming to boost scalability and utility. Furthermore, institutional adoption is growing, evidenced by Digital Wealth Partners launching an algorithmic XRP trading strategy for qualified retirement accounts.

Meanwhile, other analysts offer a bullish counterpoint, noting that XRP's current period below its 50-week Simple Moving Average (SMA) aligns with historical cycles that preceded significant rallies. The market's direction now depends on whether the technical bearish signals or the expanding utility and historical context prevail.

(Source：BeInCrypto)