Veteran trader Peter Brandt, known for his critical stance on XRP, recently revisited his analysis of the altcoin’s price action following its latest decline. Despite being a stern Ripple critic, Brandt acknowledged that the asset may be preparing for a bullish move.
His analysis comes during a substantial drop in XRP’s value after the U.S. Securities and Exchange Commission (SEC) filed an appeal notice in its lawsuit against Ripple.
Brandt’s Criticism
Brandt shared a monthly XRP/BTC chart, emphasizing an 11-year complex head-and-shoulders (H&S) pattern, which he believes could lead to further losses for XRP. He remarked that if this pattern plays out, the token’s value could drop to zero when measured against Bitcoin.
Brandt’s comments came after the SEC’s appeal, which saw the altcoin lose 9.77% in a single day, followed by another 2.95% drop the next day. Over the past few days, XRP has fallen by 19.69%, making its losses more significant than the broader market’s downturn.
Despite these declines, Brandt’s chart analysis shows XRP approaching a key support level on the XRP/BTC chart. This support level has historically acted as a range low where the altcoin tends to rebound.
The recent price drop pushed XRP to a two-month low of 0.00000843 BTC, but the token has since recovered slightly to 0.00000863 BTC. If XRP continues to hold this support level, the potential for a rebound remains.
This is an X post that many will screenshot and remind me of often for years to come
Does everyone know that Ripple actually is formal name for "RIP PPL OFF " $XRPBTC
Chart has an 11-year complex H&S that ONLY IF completed projects price to ZERO Bitcoin
Good news for the day! pic.twitter.com/KGodcqUn64— Peter Brandt (@PeterLBrandt) October 3, 2024
Potential for a Bullish Reversal
Although Brandt has been critical of XRP, his remarks suggested that a bearish outcome may not be guaranteed. In response to Brandt’s analysis, another experienced trader highlighted the significance of XRP’s current price level, which has repeatedly served as a springboard for upward moves.
The trader pointed out that XRP has consistently bounced back from this range, forming a stable pattern between its lows and highs.
Brandt, acknowledging this perspective, admitted that his initial remarks were intended to provoke XRP supporters, whom he has frequently criticized. However, he conceded that a bullish reversal in XRP price is possible. To support this viewpoint, Brandt presented an XRP/USD monthly chart that suggests a bullish continuation triangle could be forming.
The chart shared by Brandt highlights the formation of a symmetrical triangle. This pattern, which has been developing since January 2018, positions XRP for a potential breakout. Currently, XRP is trading around $0.5264 and is consolidating within the triangle, nearing its apex. Historically, such formations often lead to significant price movements once the pattern is completed.
If the asset breaks out of this consolidation phase, a bullish rally could follow. Brandt’s analysis suggests that a move above the current resistance level could signal the start of a larger upward trend for the token.
The chart also points to the 8-period simple moving average (SMA), currently at $0.5560, as a critical resistance point that XRP has struggled to surpass. While XRP closed above this level in September, the recent crash pushed it back below the 8 SMA.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Key Resistance Levels to Watch
Breaking above the 8 SMA could catalyze a more substantial bullish move. If XRP succeeds in overcoming this resistance, Brandt’s analysis indicates that the next target for the altcoin could be around the $1.00 mark. However, the token must first consolidate and break out of the symmetrical triangle pattern before any significant upside potential can be realized.
In conclusion, while Peter Brandt has historically been critical of XRP, his latest analysis acknowledges the possibility of a bullish continuation pattern forming in the XRP/USD chart. Despite the recent volatility, if the token respects key support levels and breaks above the current resistance, a bullish move may be on the verge.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
