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A veteran trader, considered by many to be a legend in the field, Peter Brandt, who has been in the financial market since the 1970s, is no snob when it comes to looking at the charts of the newest class of assets, cryptocurrencies.
In particular, his recent interest has been focused on XRP, the third largest cryptocurrency by capitalization and one of the old-timers on the market. Earlier this week, Brandt highlighted an emerging head-and-shoulders pattern in XRP's price action, with targets ranging from $3 to $1.07.
Gamza KhanzadaevHowever, the expert trader decided to double down on his XRP price outlook and recently dropped an update on the situation.
XRP price outlook by Peter Brandt
Brandt reports that XRP is forming a classic complex head-and-shoulders top, which appears to have been formed back in January when the price of the coin hit a new all-time high of $3.4. After that, XRP reversed into a downtrend and failed to even make it back to the $3 mark.
For Brandt, if the price fails to break above $3, which is the only way to turn on bullish mode, the implications will be a decline to $1.07. The latter is almost 50% below the current price, and with XRP's market capitalization at $121 billion, such a decline would mean the wiping out of nearly $60 billion.
Tomiwabold OlajideTo estimate the damage, here's a good example — the market cap of Solana is a total of $64 billion. Whether this outcome will turn from a nightmare for XRP holders into reality remains to be seen.
But according to Peter Brandt, the possibility already exists.
Vladislav Sopov
Dan Burgin