The cryptocurrency markets have seen significant volatility in the past 24 hours. However, one crypto that could be more vulnerable than others is Ripple (XRP). Now, Peter Brandt warns that Ripple’s cryptocurrency could tumble if the market turns sour.
XRP price could crash by 25% if market highs subside
Peter Brandt is a well-known trader of both cryptocurrencies and traditional assets. Perhaps most notably, Brandt was one of the first to suggest that Bitcoin was entering a bull market at the start of 2020.This is now something that analysts agree on, although Bitcoin’s day-to-day performance can fluctuate.
With that said, Brandt’s most recent prediction is potential bad crypto news for XRP. In a recent tweet, Brandt states that he has found a “head and shoulders pattern” in XRP. Specifically, he argues that this could have the potential to send XRP prices significantly lower.
Ripple’s crypto has already seen some high-profile volatility in recent days. XRP shot up to year-highs of almost $0.35 in recent days. Since this, however, the XRP price has once again fallen to levels of roughly $0.27.
XRP could fall by almost 50% from its seven-day high
As if this was not enough, Brandt is now warning that XRP could fall even further. In fact, Brandt guides that if the recent highs subside, XRP could see a 25% fall. This would give XRP a trading price of roughly $0.2 – a far cry from the recent $0.35 highs.
In fact, such a price fall would represent a roughly 43% fall from the $0.35 level seen just days ago. However, as Brandt mentions, this is not a “prediction” – rather, it is a technical possibility for XRP.
“It will be interesting to see if this H&S [head and shoulder pattern] top plays out. If so, the target would be .2071. This [t]weet poses a possibility. This is not a prediction.”
“Ethereum is holding very well”
Brandt also went on to comment on other cryptos. For example, he said that Ethereum “is holding very well”. This is in-line with a recent $300 Ethereum rally prediction, and comes despite a recent Ethereum dip to $258.
Moreover, Brandt was also successful in predicting that Bitcoin hit its “bottom” in mid-January. At the time, Brandt said that Bitcoin would not again dip to $6,000. At the time of writing, Bitcoin is instead trading around $10,000 – which it has done for the past weeks.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.