XRP Risks 50% Crash to $1 — Peter Brandt Flags Double-Top Breakdown
Veteran trader Peter Brandt is now sounding the alarm on XRP, warning that if a particularly bearish-looking pattern holds...
Quick overview
- Veteran trader Peter Brandt warns that XRP may face a sharp decline due to a bearish double-top pattern on the weekly chart.
- XRP has reached two significant peaks this year, with a critical support level at $2, and a potential drop towards $1 if the pattern holds.
- Despite Brandt's warning, some traders believe XRP could rebound due to its current RSI of 33, indicating it may be oversold.
- Whale activity has intensified, with major holders selling off 1.18 billion XRP in the last four weeks, contributing to the bearish sentiment.
Veteran trader Peter Brandt is now sounding the alarm on XRP, warning that if a particularly bearish-looking pattern holds, the cryptocurrency could be heading for a sharp decline. He highlighted a double-top formation on the weekly chart, a technical indicator that often precedes a trend reversal.
According to Brandt, XRP has reached two significant peaks this year, and a critical support level is lurking at $2. The pattern became clear after the price broke below the neckline, suggesting a potential price drop towards $1 if the bulls fail to keep it going. Brandt said, “It may not happen, and I’ll deal with that if it does. But for now- we have to face the music – you like it or not, you need to deal with it.”
Market Reaction and Trader Sentiment
Brandt’s bearish warning has sparked a heated debate across the crypto community. Many traders are pointing to a weekly Relative Strength Index (RSI) of 33, which suggests XRP could be slightly oversold and due for a rebound if the double-top pattern fails to hold.
Brandt didn’t rule out the possibility of a rebound, but he pointed out, “This could get interesting – I’m not calling for a bear market, I just show you charts for what they are. Yet some XRP enthusiasts have been quick to point out that Brandt’s past bearish calls have been followed by some pretty amazing rallies, leaving them a bit skeptical of his current warning.
Some Key insights from the XRP community:
- XRP’s RSI is at 33, suggesting the price may be due for a bounce.
- Some traders think a price rebound would kick in if the bearish pattern fails to play out.
- Brandt himself has been wrong before, and it was those past bearish predictions that kick-started some pretty big rallies.
XRP Price Action and Whale Influence
XRP has been under pressure for a while now, and over the last 24 hours, the price has actually dipped about 4%, and lost 50% from its highs in July. Right now, XRP is trading around $1.85, ranging between $1.85 and $1.98, and trading volume has just surged 25% over the last day, suggesting people are getting anxious.
Adding to that bearish vibe, crypto analyst Ali Martinez reported that the ‘whales’ – the biggest holders of XRP – have been selling off their holdings. They’ve sold 1.18 billion XRP over the last four weeks – and that selling activity is really weighing heavily on the price, and lining up with Brandt’s warnings.
Some recent XRP highlights:
- Price: $1.85 | 24h low: $1.85 | 24h high: $1.98
- Trading volume up 25% in the past 24 hours
- Whale activity – the big holders have been selling 1.18 billion XRP over the last four weeks
Brandt’s warning, combined with those really high trading volumes and that whale activity, suggests XRP is in for a pretty bumpy ride. Everyone is keeping an eye on the $2 support level – and if the price fails to hold there, it could well confirm the bearish pattern and send the price plummeting towards $1.
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