Ripple’s XRP is facing increased bearish scrutiny from veteran trader Peter Brandt, who has labeled its current chart as “potentially very negative.” According to Brandt, the token is forming a descending triangle pattern with a key support level at around $2.78. A breakdown below this threshold could signal further downside pressure, with potential targets at $2.4 and $1.9. The trader, known for his long-standing experience in global financial markets, emphasized that his analysis is based on observable price patterns and should not be taken as investment advice.

Brandt’s chart, shared on social media, highlights a consolidation phase following a sharp advance in the summer months, where XRP moved from below $2.00 to over $3.80 before retreating. The descending triangle pattern, which often serves as a bearish continuation structure, is particularly concerning if the lower boundary is breached. Traders are closely watching the $2.78 support level, as its holding could determine whether the price remains in a consolidation phase or experiences a deeper correction. This interpretation aligns with broader on-chain data indicating distribution rather than accumulation in recent days.

Market participants have responded to Brandt’s warning with varied perspectives. Some, like trader Dies Zero, noted that the descending triangle’s structure suggests a bearish bias, with the $2.78 level acting as a critical psychological barrier. A breakdown below this point could expose further downside, while a strong bounce might reinvigorate bullish momentum. Others, such as user ALTucard, highlighted the significance of Brandt’s reputation in the market, suggesting that his bearish take adds weight to the current bearish sentiment.

XRP’s price movement over the past weeks has shown signs of weakening momentum. On the daily chart, the token is consolidating within a descending triangle pattern, with lower highs forming against a relatively flat support zone. The broader technical outlook remains mixed, as some analysts still see potential for a bullish breakout. For instance, a recent analysis by XForceGlobal suggested that XRP could see a continuation of its long-term bullish trend, with a projected cycle target of $20. However, such optimism contrasts with the bearish signals emerging from the current price pattern and recent on-chain activity.

The token’s recent performance has been influenced by a combination of factors, including profit-taking following the resolution of the Ripple vs. SEC legal case and broader market dynamics tied to Bitcoin’s pullback from recent highs. On-chain data also shows increased selling pressure, particularly during high-volume sessions, which has led to intraday volatility and capped rebound attempts. These factors combined have created a challenging environment for short-term traders, as the market remains in a state of flux.

Looking ahead, traders will be closely monitoring key resistance and support levels to determine the next directional move. A decisive close above $3.3 would likely validate bullish momentum and open the door to higher targets, while failure to defend $2.8 support could trigger a deeper correction. Given the current technical setup and market sentiment, XRP’s trajectory will likely depend on how well the asset can hold key levels and whether buyers emerge to counter recent selling pressure. For now, the market remains in a state of anticipation, awaiting a clear breakout to establish a new trend.

Source:

[1] XRP at a Crossroads: $2 Crash or Explosive New All-Time High Ripple Price Analysis (https://cryptopotato.com/xrp-at-a-crossroads-2-crash-or-explosive-new-all-time-high-ripple-price-analysis/)

[2] XRP Price Cycle Target Remains $20: Analyst Explains (https://cointelegraph.com/news/xrp-distribution-phase-doesnt-change-20-dollar-price-target)

[3] XRP Price Prediction: Is Today’s Fall a Buying Chance? (https://investinghaven.com/crypto-blockchain/coins/xrp/why-xrp-fell-today-and-whether-its-a-smart-buy)

[4] ‘Very Negative’: Legendary Trader Issues Major XRP Price Warning (https://u.today/very-negative-legendary-trader-issues-major-xrp-price-warning)

[5] Veteran Trader Brandt Issues Warning: “XRP Chart Very Negative” (https://timestabloid.com/veteran-trader-peter-brandt-the-chart-of-xrp-is-potentially-very-negative/)