After a small revival earlier this week, the XRP price is again under pressure. At the time of writing, the digital currency records a loss of 5.7% in the last 24 hours. According to the renowned trader Peter Brandt, investors must remain alert: the price of XRP could sink further towards $ 1, he said in a message on X.
Beerarish pattern visible on the graph
Brandt sees a classic Head & Shoulders pattern in the XRP price chart-a technical signal that usually indicates an impending trend needs downwards. This pattern is characterized by three peaks, with the middle one highest.
According to Brandt, the “Neckline” of this pattern is around $ 1.90. If the rate convincingly breaks down this level, and this is accompanied by high trade volume, the road can be open for a sharp fall towards $ 1.07.
Yet also room for optimism
Yet the image is not exclusively negative. If XRP succeeds in breaking through the $ 3 resistance, the Bearish pattern will completely expire. In that scenario the market sentiment can turn, and a new course rally could be set in motion. For the time being, however, such an outbreak remains a challenge given the current market conditions.
Bitwise sees potential up to $ 29
Not everyone shares the gloomy vision of Brandt. Various analysts remain bullish about XRP. For example, asset manager Bitwise even sees a course of $ 29 as feasible in an extremely optimistic scenario.
According to Bitwise, that would be possible if XRP is accepted worldwide for international payments and fulfill a key role in the tokenization of real assets, such as real estate and bonds. If these applications are actually rolled out broadly, then they can really “go to the moon” according to them.
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Source: https://newsbit.nl/xrp-koers-zakt-opnieuw-analist-waarschuwt-voor-daling-richting-1/
