XRP’s ‘bearish’ setup may crash price below $1: Analyst
Analyst Peter Brandt suggests XRP's technical setup, including a potential double top, could drive its price below $1.Summary
Veteran analyst Peter Brandt suggests that XRP's retracement from its high and its inability to hold above the $2 support level indicate a 'bearish' setup, potentially forming a double top pattern on the weekly chart. Confirmation of this pattern occurs if XRP closes below the neckline at $2, which could lead to a drop toward $1.65 (100-week SMA) or even $1.07 (200-week SMA). Another analyst, XForceGlobal, links the bearish shift to a corrective wave, predicting a drop toward $1.20-$1.35. Furthermore, XRP's current structure mirrors its 2018 breakdown, suggesting a potential 70% drop toward $0.60 before stabilizing around $1. However, bulls have a key defense at the $1.78 support level, where a significant amount of XRP was previously acquired; holding this zone is crucial to avoid further significant losses.
(Source：Cointelegraph)