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Peter Brandt, one of the leading commodity traders, has predicted that the price of the XRP cryptocurrency might collapse all the way to the $2.22 level if a bearish pattern plays out.
The trader has spotted a descending triangle on the token's daily chart. This is a bearish continuation pattern that appears during downtrends.
The elements of the triangle include a horizontal support line and a descending resistance line formed by lower highs.
Brandt attached a historical chart of Revere Copper & Brass all the way from 1946, which is considered to be a textbook example of the aforementioned pattern.
Of course, it should be noted that the pattern in question has not been fully formed just yet.
The prominent chartist believes that it will play out if XRP drops below the key support level at $2.69.
The price of the Ripple-linked token could still stabilize in the coming days.
XRP leaving the top 3
As reported by U.Today, the market capitalization of XRP dipped below that of Binance's BNB token earlier today. The latter pushed the former out of the top three.
At press time, the XRP token is currently down by more than 5% amid a broad market sell-off.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team