Peter Brandt acknowledges reaching a price target for XRP and taking profits.

crypthub

1 day ago

XRP's Recent Decline and Technical Analysis

Veteran market analyst Peter Brandt reaffirmed his bearish stance on XRP, citing a descending triangle pattern as a warning sign. This pattern suggests downside risk when prices fail to maintain support levels. Brandt initially predicted a short position on XRP due to this formation, which has since been validated by the market’s movements.

Chart Patterns and Market Signals

XRP has been consolidating within a tightening range since falling from its all-time high. The chart shows descending highs and stable lows, indicating waning momentum. A decisive break below the lower horizontal boundary near $2.69 confirmed the bearish setup Brandt had previously warned about.

Market Reaction and Future Outlook

Following the breakdown, XRP fell significantly, with Brandt publicly noting the validation of his analysis and taking profits. To restore bullish momentum, XRP would likely need to reclaim the $2.69 to $2.80 range. Long-term holders are monitoring XRP’s ability to remain stable above $2.2.