Veteran trader Peter Brandt is sounding the alarm on XRP, predicting a potential 50% price drop.
XRP’s Troubling Chart Pattern
Brandt, who boasts a massive following on X (formerly Twitter), points to a “head-and-shoulders” pattern on XRP’s daily chart. This bearish pattern suggests XRP has lost the momentum to continue its upward trend. He says this pattern indicates a potential drop to $1.07 unless XRP breaks above $3.00. Currently, XRP is trading around $2.12.
Bitcoin and the S&P 500 Also Under Scrutiny
Brandt isn’t just focused on XRP. He’s also expressing concern about Bitcoin (BTC) and the S&P 500. He believes BTC, after breaking a bearish pattern, could fall below $70,000 (it’s currently around $82,791). He also sees the S&P 500 as entering a significant downtrend, potentially dropping to around 5,170 (currently hovering near 5,580).
Disclaimer
It’s important to remember that this is just one trader’s opinion. Investing in cryptocurrencies and the stock market involves significant risk. Always do your own research before making any investment decisions.
