Crypto analyst Peter Brandt has placed XRP on his short list, citing a potential bearish pattern forming in the token’s price action. The descending triangle, which has developed over recent months, may lead to a decline if key support breaks below $2.68. ðŸ§
XRP is currently consolidating between the $3 mark and the lower boundary near $2.68, signaling pressure from sellers.
Brandt emphasizes that a decisive breakdown below this level could confirm his bearish outlook. The analyst suggests a potential decline toward $2.22 or even lower. 📉
Expert Insights & Market Signals:
The descending triangle is a significant technical signal for traders, as it usually indicates weakening buying strength. If the current support level fails to hold, XRP could initiate a sell-off.
Technical indicators also point toward a bearish trend: moving averages are showing downward momentum, while ADX remains subdued, suggesting traders are waiting for decisive signals.
Key Support Level & Breakout Expectations:
While market volatility tightens, Brandt emphasizes the importance of a daily close below $2.68743 to confirm his bearish outlook and initiate short positions. Conversely, a break above the descending resistance line around $3.10 would invalidate his prediction and could signal a potential rebound.
As traders become more cautious due to tightening volatility, XRP finds itself at a critical crossroads, potentially shaping its near-term direction in the cryptocurrency market.