Veteran trader Peter Brandt turned bearish on XRP price, moving away from his recent long-term bullish prediction. He predicts XRP price could crash towards $1 if bulls fail to negate a bearish pattern.
XRP Price Prediction by Peter Brandt
Peter Brandt shared a weekly chart and highlighted a double-top pattern formation. He warned the crypto community about a further crash in XRP price. Also, he turned bearish as the double-top pattern is an extremely bearish formation that signals a reversal from recent highs.
According to Brandt, XRP has formed two prominent peaks this year, with a critical neckline support level around $2. The double top pattern was confirmed following a recent break below $2, suggesting XRP price could soon shift downward.
Brandt warned that if the pattern remains intact and bulls fail to rebound prices, then XRP could begin crashing towards $1.
XRP Price in Weekly Timeframe. Peter Brandt“It may fail, and I will deal with this if it does. But for now this has bearish implications. Love it or not – you need to deal with it, he added.
Bearish Prediction Sparks Community Reactions
Peter Brandt’s bearish prediction for XRP price triggered a flurry of responses. Some traders pointed out that a weekly Relative Strength Index (RSI) of 33 suggests XRP is oversold and may bounce if the double-top pattern fails.
Brandt agreed about a potential rebound in price with an increase in RSI. He said, “This could become exciting.” He added, “I am not championing a bear case – just showing charts for what they are.”
XRP RSI Rebound Historically. Source: XXRP Army criticized Brandt and claimed his previous bearish predictions preceded significant price rallies, casting doubt on the outlook.
XRP Price Action
The broader crypto market sentiment appears to support the caution. XRP price fell 4% in the past 24 hours, extending the crash to 50% from July highs. Recently, Peter Brandt shared a bullish outlook for XRP.
The price is currently trading at $1.85, with a 24-hour low of $1.85 and a high of $1.98. Trading volume has increased by 25% in the last 24 hours.
Crypto analyst Ali Martinez recently revealed that whales sold 1.18 billion XRP in the last four weeks. He claimed the whale selling spree has increased pressure for a potential correction towards $1.
Source: https://coingape.com/xrp-price-could-crash-to-1-on-double-top-pattern-predicts-peter-brandt/
