Ripple’s native cryptocurrency XRP is currently trading in the $2.35 range on Monday. The leading altcoin remains on the greener side of the spectrum and has surged more than 300% in a year. The cryptocurrency is among the top-performing asset this year and it more than tripled investor’s money in a short period.
Also Read: Ripple: Should You Invest $1000 In XRP Today, To Make $1 Million In 10 Years?
The Ripple Foundation has also extended its businesses across various sectors and forged partnerships with governments to maintain financial-based blockchain ledgers. The use cases in the real world are high as it solves many problems plaguing the financial landscape. XRP is poised to benefit in the development and the long-term prospects look good.
Also Read: Ripple: 3 Key Events That May Help XRP Become A True Global Phenomenon
Ripple: Peter Brandt Warns XRP Could Dip 54%, Reach $1.07 Next
Veteran trader and analyst Peter Brandt warned that the short-term trajectory for XRP is bearish. He showed a chart indicating that the altcoin is forming a head and shoulders pattern, which technically signals a price reversal. Brandt warned that the head and shoulders pattern could make XRP crash to $1.07 next.
Also Read: XRP & Litecoin ETFs Get New Approval Date Amid SEC Delay
That’s a downward tick of nearly 54% from its current price of $2.35. Therefore, an investment of $1,000 could turn into $460 if Brandt’s warning turns out to be accurate. This puts Ripple’s native token in a risky position as its price might have hit a peak after surging 330%.
“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. H&S projects to 1.07. Don’t shoot the messenger,” he wrote on X.
Apart from Ripple’s XRP, leading meme currency Shiba Inu is also projected to dip in the indices. Find out how low Shiba Inu could fall in the charts next and the best possible entry position to take when it bottoms out in price.
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