The outlook for Ripple’s XRP is both positive and negative, with analysts highlighting bullish and bearish patterns. According to prominent, self-proclaimed market wizard Peter Brandt, a head-and-shoulders pattern has formed on the XRP daily chart.
The formation hints at a potential drop in price value, and according to the analyst, XRP could drop to lower levels of $1.07 or $1.90 in the near term. A break below the $3 price level weakened the H&S model, and a continuous consolidation in price could result in a massive 55% drop in price value.
“Updating a chart for those interested, I have no vested interest up or down. XRP is forming a textbook H&S pattern. So, we are now range-bound. Above 3.000 I would not want to be short. Below 1.9 I would not want to own it” he wrote in a post shared to X.
Conversely, market analyst Javon Marks sees a more favorable outcome in the near term. According to his assertion, a trend reversal is in view, courtesy of XRP’s price and relative strength index (RSI) breaking through a descending wedge.
“XRP’s Price and RSI has BROKEN OUT TO THE UPSIDE! The last breakout resulted in a roughly +570% price increase and prices can be ready for another substantial surge.” He asserted.
XRP is trading for $2.17 at the time of this report. Down 2.31% from its all-time high of $3.84, XRP has lost 7% of its value over the past 24 hours. Weekly losses have yet to be cleared, and XRP has emerged as the highest loser today.
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