Veteran chart analyst Peter Brandt continues to excite the crypto space with his reviews. This time it was XRP, as the trader shared an alarming forecast for the popular cryptocurrency, emphasizing a potential decline against Bitcoin. Specifically, he identified a multi-year complex head-and-shoulders pattern forming on the XRP/BTC chart.
The head-and-shoulders pattern is a technical indicator that indicates a reversal of an uptrend and often predicts a bearish shift in the market. According to Brandt, if the chart breaks the "neck," or lower support line in other words, it could signal a significant drop in the value of XRP, namely from 0.000008 BTC per XRP to 0.0000002 BTC, a 97.5% drop.
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This chart pattern is a multi-year complex H&S. If this chart penetrates the lower support line then all @X accounts with XRP initials attached will slowly disappear to never again be seen again pic.twitter.com/tJEJSEvKv8
— Peter Brandt (@PeterLBrandt) August 1, 2024
This will cause accounts with XRP initials to disappear from social media, Brandt says.
On the other hand
In contrast, another prominent analyst, Ali Martinez, offered a more optimistic outlook just two days earlier.
Martinez noted that XRP has been consolidating within a symmetrical triangle for the past six years. This pattern, known for its potential to indicate a continuation of the current trend, suggests that the token could experience a bullish breakout if its price exceeds the $0.90 mark. Symmetrical triangles often signal significant price movement, and a breakthrough resistance could lead to a rise in the price of XRP.
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While Martinez's forecast is based on XRP's performance over the past six years, Brandt's analysis spans a decade and focuses on the relative strength of XRP against Bitcoin.
XRP to USD by CoinMarketCap
Amid these conflicting predictions, XRP's price experiences a decline, losing 8.4% over the past 24 hours. Despite this setback, the token had a strong start to the week, with quotes surging by as much as 11%. As things stand, XRP is trading at $0.60, with a 0.63% increase since Monday.
