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Veteran trader Peter Brandt has reiterated his bearish outlook for XRP, citing the formation of a classic complex head-and-shoulders top pattern. According to his recent tweet, if XRP fails to break above $3.0, it could lead to a significant decline to $1.07.
Brandt’s analysis suggests that the current range trading is unlikely to persist, and a return above the daily SMA 50 at $2.41 might be necessary to initiate bullish action and push XRP out of its current stagnation. However, if declines continue, support levels are envisioned at $1.779 or the daily SMA 200.
It’s worth noting that XRP has seen an impressive surge in the past 24 hours, with over $4 billion in volume traded. This significant increase in trading activity could be a sign of increased institutional interest or whale buying. However, it remains unclear whether this sudden influx of capital will be sufficient to shift the broader narrative around the cryptocurrency.
In any case, Brandt’s bearish outlook suggests that investors should remain cautious and wait for further confirmation before entering long positions.
Source: https://u.today/4-billion-xrp-hit-in-24-hours-whats-happening
