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Popular analyst Peter Brandt has provided a bearish outlook for the XRP price, predicting that the altcoin could drop below the $2 support. As part of his analysis, he highlighted a head-and-shoulders pattern that could spark the breakdown below $2.
Peter Brandt Identifies XRP Head And Shoulders Pattern
In an X post, Brandt revealed that XRP is forming a textbook head-and-shoulders pattern, which has caused the altcoin to range-bound. He added that the head-and-shoulders pattern projects a price decline to as low as $1.07. The analyst’s accompanying chart showed that XRP could witness a freefall to this target if it loses the $1.9 support.
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Crypto analyst CasiTrades had also recently raised the possibility of XRP dropping to as low as $1.54. She revealed that a break below the $2.25 support and lower support at $1.90 could lead to this breakdown to $1.54. However, the analyst suggested that the probability of this happening was really low, as the $2.25 support is holding really strongly.
Meanwhile, crypto analyst Ali Martinez also discussed the head-and-shoulders pattern that had formed for the XRP price. In an X post, he stated that if XRP can break above $3, it would invalidate the current head-and-shoulders pattern, a development that could flip the altcoin’s outlook to bullish. In his analysis, Brandt had also hinted that a rally above $3 could invalidate the bearish pattern.
Martinez’s accompanying chart showed that XRP could drop to as low as $1.25 if this head-and-shoulders pattern plays out. In another post, he again raised the possibility of XRP suffering this price breakdown, while stating that the $2 price level remains the critical support level for the crypto.
Bullish Outlook For The Altcoin
In an X post, crypto analyst Dark Defender provided a bullish outlook for the XRP price, predicting it could reach as high as $23.20. The analyst claimed that the third wave targets a rally of between $5.85 and $8.076. Meanwhile, the fifth wave is expected to finish the move between $18.22 and $23.20.
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This prediction came as part of Dark Defender’s analysis of the 3-month candle. He affirmed that XRP boasts a clear bullish momentum on this higher timeframe. He added that there are ups and downs in smaller time frames, but the higher frames supersedes the smaller ones.
In another post, the analyst assured XRP’s consolidation will be over soon. He revealed that the altcoin has formed a great bullish rectangle pattern and that the next leg up will send it to new all-time highs (ATHs).
At the time of writing, the XRP price is trading at around $2.25, down over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
