Veteran trader cum author Peter Brandt has recently analyzed the performance of XRP, pointing out the classic complex “head-and-shoulders formation”, boxing its price range between a bullish soar to $3 and a bearish fall to $1.07.
At the time of publishing of this report, XRP was valued at $2.15 as per CoinGecko, gaining 1.3% within past 24 hours.
Brandt, who has been working in financial markets since the 1970s, continues to lend his seasoned eye for crypto investors. Unlike many traditional investors, Brandt doesn’t shy away from analyzing digital assets — and his current focus is on XRP.
XRP, a long-standing player and the fourth-largest cryptocurrency by market cap, recently caught Brandt’s attention due to a key technical development.
The trading expert pointed to a head-and-shoulders formation taking shape in XRP’s price action. According to his analysis, the pattern hints at two possible targets: a bullish breakout to $3 or a bearish fall to $1.07.
In his analysis, Brandt states that XRP appears to be forming a classic complex head-and-shoulders top. This pattern seems to have taken shape in January when XRP peaked at a record high of $3.40. Since then, the asset has been on a downward trajectory and hasn’t managed to reclaim the $3 level.
Brandt emphasized that unless XRP decisively breaks above the $3 resistance, the technical outlook suggests a significant drop is likely — all the way to $1.07. This would represent a near 50% decline from its current price. Given XRP’s current market cap of $121 billion, such a drop could erase close to $60 billion.
To put that into perspective, Solana’s entire market capitalization stands at roughly $64 billion. Whether this grim forecast materializes remains uncertain, but Brandt believes the risk is very real.
Also Read: CME Sees Record XRP Futures Trading as Demand Grows
