XRP Price Could Soon Drop to $0.20 - Says Trading Legend Peter Brandt

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Thu, 02/20/2020 - 06:06
Alex Dovbnya
The price of XRP could nosedive back to $0.20 if a major bearish pattern plays out, according to commodity trading vet Peter Brandt
Cover image via www.youtube.com
Contents

Commodity trading vet Peter Brandt has some bad news for XRP holders. The third biggest cryptocurrency appears to be in the midst of completing a bearish head-and-shoulders (H&S) pattern.

If the most recent XRP rally ends up being an H&S top, there is a chance that its price could sink to just $0.2071.

image by @PeterLBrandt

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XRP Price Set to Reach $0.70 as Crypto Traders Turn Bullish

XRP's underwhelming rally 

After reaching its yearly high of $0.34 on Feb. 15, XRP has quickly erased those gains over the last few days. The cryptocurrency is down by more than 15 percent this week. 

H&S is a popular reversal pattern that usually marks the beginning of a new downtrend, which justifies Brandt's $0.20 target. However, it is worth mentioning that one should wait for a clear confirmation before making any trading decision. 

Related
XRP Price Expected to Hit $1 Minimum as We Approach 2021

Ether is doing just fine 

When asked to comment on Ethereum (ETH), Brandt tweeted that the leading altcoin was "holding up well."

So far, Ether has been the biggest story of 2020. On Feb. 19, it reached a new yearly high of $286 before falling back to its support at the $260 price level.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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