In the crypto currency market, eyes were turned to XRP again. Although the price recently approaches $ 2.50 psychological resistance, some experts argue that this rise may not be permanent. Famous investor Peter Brandt, known for his 40 -year experience, shared a very harsh script for XRP. According to Brandt, technical indicators indicate that the $ 1 level in XRP can be seen again. As Kriptokoin.com, we share the details.
Danger bells on the XRP graph: What do the formations tell?
Brandt states that a classic “head and shoulder” formation on the XRP graph is clearly formed. This formation means a trend return in technical analysis and usually informs that the rise is over. The building consisting of three peaks; The first shoulder is then completed with the highest point, the head and the lower second shoulder.
If the XRP price breaks the support of $ 1.90 downward, a correction may be up to $ 1.07 according to Brandt. These levels coincide with the regions where investors have previously made strong purchases. So in a possible decline, these areas can be re -tested.
Is the inverse scenario possible? What happens if XRP throws on $ 3?
Not every technical formation means a definite scenario. If the XRP manages to exceed $ 3 with a strong volume, this decrease scenario becomes completely invalid. Brandt also draws attention to this possibility: Closes over $ 3 may disrupt the current decrease structure.
For investors, these levels are quite critical. 3 dollars above, $ 1.90 below. The price is stuck in this range. In whatever direction the break occurs, the movement is likely to harden.
Taurus expectation in XRP is strong: Is the target $ 20?
Unlike Brandt’s prediction, there are no optimistic estimates in the market. Dark Defender, an analyst named asserting, argues that XRP is still in a bull cycle. According to Elliott Wave Theory, the XRP is now in the third wave. The target of this wave is between 5.85 and $ 8.07.
According to the analyst, if this wave is successfully completed, the fifth wave can move the XRP to the $ 18 to $ 23 band. Of course, this scenario covers a long -term perspective. However, the general market recovery, especially at the end of 2024, supports such predictions.
Basic developments can change the course of the game
The future of XRP is not only connected to technical indicators. Ripple’s case with SEC is still not concluded. A clear decision to be released from the case may mean a new introduction of billions of dollars. In addition, a possible XRP Spot ETF approval is on the agenda.
These developments can carry the price of XRP in a completely different direction. In other words, both technical and basic dynamics should be followed together. Although the direction in the short term is uncertain, the fate of XRP in the long term seems to a largely dependent on these two factors.
