XRP price at risk of 50%+ correction if bearish trading pattern holds — Peter Brandt
XRP (XRP) price continues to underperform the broader crypto market this week, even though multiple altcoins turned green as Bitcoin (BTC) rallied to $88,800.XRP 1-day chart. Source: Cointelegraph/TradingViewThe altcoin is down 4.7% over the past seven days, putting a pause to the 11% rally seen on March 19, when the Ripple’s SEC “lawsuit ending” news made headlines. XRP trading volumes have also dropped from around $4 billion to $2.6 billion, i.e., a 35% dip over the past week. XRP price peers over a steep cliffIn a recent X post, veteran trader Peter Brandt said the presence of a “textbook” head-and-shoulders pattern (H&S) could drop XRP price as low as $1.07.XRP head-and-shoulders pattern by Peter Brandt. Source: X.comAccording to Brandt, a price rally above $3 could invalidate the H&S pattern. However, a drop below $1.90 opens up the possibility of a 55% correction. Brandt said, “Below $1.9, I would not want to own it. H&S projects to $1.07. Don’t shoot the messenger.”On the contrary, Javon Marks highlighted a positive breakout for XRP. The cryptocurrency trader indicated that XRP’s price and the relative strength index (RSI) have both traded above their falling wedge patterns. XRP analysis by Javon Marks. Source: X.comHistorically, such a setup has proven to be a profitable turnaround for the altcoin, and Marks said, “The last breakout resulted in a roughly +570% price increase and prices can be ready for another substantial surge.”Related: Waiting for altcoin season? Data suggests it’s already hereXRP correction call could be prematureFrom a technical perspective, it’s a bit early to predict a retest of the $1.07 level based on XRP’s existing market structure. Although XRP has been in a downtrend since the start of 2025, the $1.90 level has only been tested three times since November 2024.XRP 1-day chart. Source: Cointelegraph/TradingViewSince XRP traded above the $2 level, it has not experienced a daily close below the threshold, suggesting that investors may view this range as a potential buy-back zone. Furthermore, spot market volumes have been the primary driver behind XRP’s recent rally, indicating sustained investor interest in the altcoin over the past few months.Dom, an order flow markets analyst, noted that the next couple of weeks could be vital for XRP to establish a clear direction. The analyst mentioned that the current range does not capture his interest and said, “We need to see clear breaks of the levels I have shown. Just be aware of the next week or two, as the price action will be telling.”XRP order-flow analysis by Dom. Source: X.comThe important level for XRP to reclaim remains $2.50, which has been a critical support and resistance throughout the last four months of price action. Related: Bitcoin price just ditched a 3-month downtrend as ‘key shift’ beginsThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Post from: Cointelegraph.com News
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