- XRP price has plummeted, currently trading at $0.559 after a 7.9% drop in 24 hours.
Peter Brandt warns of a potential catastrophic head and shoulders pattern on the XRP/BTC chart.
As a seasoned crypto investor with battle-scars from the infamous crypto winters of yore, I can’t help but feel a familiar pang of unease as I witness XRP‘s current plummeting price. With over seven years of experience under my belt, I’ve learned to ride the waves and not get swept away by the tides—but this latest dip is giving me pause.
In simple terms, the value of XRP, often referred to as the digital bridge currency for banks, has dropped substantially over the last few days. Over the past week, its value has dipped approximately 7.3%, and within the last day, it’s decreased by around 7.9%.
As a researcher, I’m noting that the recent price performance of XRP has been negative, causing its value to drop to $0.559 at the moment of writing this. This is quite a significant decrease from the $0.64 price point it held on the 31st of July.
The decrease in XRP‘s value is happening against a backdrop of regulatory ambiguity, as Ripple, the company that owns most of XRP, is currently involved in an ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC).
Very recently, the regulatory body imposed a penalty of approximately $102.6 million on Ripple due to their alleged breach of securities regulations in relation to selling XRP to institutional investors.
Technical outlook on XRP
Warning the altcoin community of a possible downturn, well-known trader Peter Brandt is sounding the alarm about a potential bearish trend emerging in the graph showing the asset’s price relative to Bitcoin [BTC], which could fan existing market tensions.
As a researcher, I’ve noticed an intriguing multi-year complex head and shoulders pattern in the XRP/BTC market. This pattern, which has been stable for six years, seems to be on the verge of breaching a significant support level. If this were to happen, it could potentially signal a shift in the market dynamics.
If XRP/BTC drops below this point, Brandt predicts a potential plunge to significantly lower prices. In his recent social media post on X (previously known as Twitter), he pointed out this possibility.
“The shape on this graph represents a long-term, intricate Head and Shoulders pattern. If this graph breaches the lower support level, it could potentially mean that all accounts marked with XRP will gradually vanish, leaving no trace.”
What does the fundamental reveal?
Fundamentally, XRP’s trend has been quite complex.
According to data from Santiment, while the overall market is struggling, the altcoin showed robust growth in July thanks to increased on-chain activity and high transaction volumes from major investors.
As an analyst, I noticed a discrepancy between the rapid changes in XRP‘s short-term prices and the underlying network activity. This suggests that despite these fluctuations, the XRP community remains strong and there’s potential for its recovery.
Over the past day, the Open Interest for XRP has fallen significantly by approximately 14.87%, leaving it currently at roughly $717.64 million.
Read Ripple’s [XRP] Price Prediction 2024-25
In light of this, it appears that the latest analysis by AMBCrypto indicates potential signs for an XRP recovery, mirroring the dramatic surge seen in 2017.
The current phase of the market seems similar to the build-up prior to the last growth spurt, suggesting that a positive trend may emerge if investor attitudes improve.
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2024-08-02 13:12