Experienced trader Peter Brandt has highlighted concerning formation signals for the digital payment infrastructure asset, XRP.
In his assessment shared on social media, he indicated that XRP is forming a head and shoulders pattern on its daily chart.
XRP Technical Analysis
According to Brandt, the established head and shoulders formation suggests an inability to maintain the upward trend. He emphasized that this technical setup could be invalidated if a specific resistance level is broken. Otherwise, a breakdown of the support level could lead to significant price declines.
Similar analyses were reported for Bitcoin 
$83,014. Brandt noted that Bitcoin has emerged from a specific downward pattern and could experience price declines to lower levels. There are also concerns regarding the S&P 500 index, where a support level turning into resistance may lead to continued downward movement. 
The chart shared for XRP Coin highlights a critical support level at $1.90. If the price cannot maintain this level, selling could continue down to $1.07.
Peter Brandt: “XRP is showing a head and shoulders formation on the daily chart. If it remains below the identified resistance level, the risk of support breakdown continues.”
Expectations for Decline
Technical indicators across various markets suggest potential trend shifts. Caution is observed not only in the cryptocurrency markets but also in traditional markets. Investors are advised to evaluate current market conditions carefully.
Peter Brandt: “The chart for Bitcoin indicates that downward movement may persist. Similar cautious evaluations exist for the S&P 500.” Recently, Ki Young Ju also revised his bullish outlook, mentioning that cryptocurrencies might experience exhausting declines over the next 6-12 months.
As analyses are conducted considering the general dynamics of the markets, various scenarios may arise rather than definitive outcomes. Investors should closely monitor technical indicators and act in accordance with market movements. The signals provided are intended to inform about possible developments rather than guarantee specific results.
