The price of XRP is at a critical juncture. Renowned market analyst Peter Brandt has issued a warning to investors. His technical analysis suggests the digital asset could be on the verge of a significant correction. This XRP price prediction is based on the formation of a classic chart pattern with bearish implications.
According to the analysis Brandt shared on the social network X, XRP’s chart is forming a descending triangle. This is a technical pattern that traditionally indicates the continuation of a downtrend. The analyst highlighted a specific condition that would confirm the move. If XRP closes below the $2.68 level, it could trigger a much deeper fall, targeting the support at $2.22.
What Signals Support This Forecast?
The XRP price prediction is not solely based on a chart pattern. Other market indicators reinforce the analyst’s cautious outlook. For instance, data from the Santiment platform shows that negative sentiment towards XRP has reached its highest point in the last six months. This suggests growing pessimism among market participants, which can increase selling pressure.
Furthermore, general interest in the asset appears to be waning. Metrics from Google Trends reveal that searches related to XRP dropped to a three-month low in late September. Adding to this, mid-tier holders, a significant group for the token’s economy, have started selling their positions, which could be interpreted as profit-taking or a loss of short-term confidence.
A Complex Outlook for Investors
Peter Brandt’s analysis, therefore, underscores the downside risks for the digital asset in the short term. The confluence of a bearish technical pattern with negative market sentiment and declining search interest creates a scenario of potential high volatility. To invalidate this bearish scenario, the price of XRP would need to consistently hold above its immediate supports, a situation that investors will be watching closely.
The current situation demands caution from the community. While the cryptocurrency market is known for its volatility, warnings from experienced analysts like Brandt are a relevant factor. The upcoming price movements will be crucial in determining whether XRP manages to avoid the predicted drop or if, on the contrary, it heads towards testing new support levels in the coming weeks.
