As the crypto market drawdown on Thursday sent Ripple (XRP) back to retest the $2.40 price region as support, some seasoned crypto traders are expecting a much larger XRP price crunch.
Veteran Trader Expects XRP Price Crunch To $1.07
Peter Brandt, a Futures market trader since 1975, is painting a dim picture of Ripple’s (XRP) upcoming price movement due to the classic Head ‘n’ Shoulders pattern forming on XRP charts. Measured in daily bars, this bearish structure is forming after the altcoin’s quarterly top at $2.99, meaning that a break above $3 would simply invalidate the current bearish pattern.
On the other hand, the range-bound XRP price could face a massive downturn if it doesn’t consolidate above $1.90, the OG leveraged trader suggests. Peter Brandt straightforwardly assessed that the Head ‘n’ Shoulders structure points to Ripple (XRP) dumping to $1.07.
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“Don’t shoot the messenger”, – ironically remarked the veteran crypto & stocks trader, predicting the third largest non-stablecoin asset’s capitulation to just above $1. If the bearish projection takes place, that would represent a 55% downturn from where XRP price currently stands.
XRP Price Depends On These Outside Factors
Assessing the odds of a deeper market dip brewing, Ripple’s (XRP) price also highly depends on the outcome of the 11 XRP ETF applications. If the SEC moves to approve these exchange traded fund (ETF) product applications soon enough, the OG altcoin could reclaim $3 to deny any bearish theses.
The narrative of Ripple (XRP) as the next plausible candidate for an altcoin-inclusive ETF accelerated after Brad Garlinghouse confirmed the U.S. Securities and Exchange Commission’s (SEC) move to finalize the 6-year long Ripple vs. SEC battle for allegedly selling unregistered securities.
Ripple’s CEO Mr. Garlinghouse labeled the positive legal headwinds as the best time to build. Globally, the XRP holder community, known as XRP Army, seems to share the same sentiment, as Polymarket prediction markets show a whopping 87% of bettors believe in a Ripple ETF to launch before 2026.
As of publication time, #4 crypto by market cap Ripple (XRP) stood at $2.35, taking in a 2% deficit over the past 24 hours, according to CoinGecko. While the OG altcoin remains at a 280% profit in yearly terms, the last week saw a 6% step back as the neighboring Solana (SOL) chain generated a considerably larger amount in daily trading volume.
On The Flipside
- Ripple’s (XRP) price reached its peak price over 7 years ago at $3.40, while the latest rally post-SEC lawsuit took the altcoin to $3.38 on January 16, 2025.
- Other crypto analysts dare to dream bigger, setting long-term XRP price targets at $18 in case of a bullish reversal, in which the $2.50 level plays a key part.
Why This Matters
The publicity surrounding Ripple’s native coin revolves around enthusiasm from both institutional and retail investors, solidifying the veteran blockchain’s relevancy and longevity.
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