Peter Brandt, a seasoned market analyst with nearly five decades of experience, has revised his outlook on XRP, warning of a sharp price decline. According to Brandt, the cryptocurrency could drop up to 50 percent, falling as low as $1.07 if it fails to break above the $3.00 mark.
Brandt pointed to a developing “complex head and shoulders” pattern on the XRP chart, a technical structure often signaling a shift from bullish to bearish momentum. He stated that the price risks further breakdown unless XRP surpasses the $3.00 resistance.
In a strong critique, Brandt compared XRP’s valuation to past speculative fads like Beanie Babies and Pet Rocks, suggesting that its market value is primarily driven by hype. He cited foundational works in technical analysis by John Magee and Robert D. Edwards, urging doubters to refer to those principles before challenging his forecast.
Also Read: Ripple Left Behind as SEC Releases Official Dismissal Statements For Other Crypto Cases
Price Drops as Whales Dump Over One Billion Tokens
XRP’s recent price movements appear to reinforce Brandt’s bearish perspective. According to the latest data from CoinMarketCap, XRP has been down 4.51 percent in the last 24 hours and is now trading at $2.08. The price began the day at $2.18 and has steadily declined, with sellers maintaining control into March 31.
According to Ali, a prominent cryptocurrency analyst on X (formerly Twitter), significant whale activity has intensified the market pressure on XRP. He revealed that “Whales offloaded 1.12 billion $XRP in the last 48 hours!” highlighting a major wave of sell-offs that likely contributed to the recent price decline.
Source: @ali_charts
XRP, with a circulating supply of 58.2 billion tokens, remains one of the largest cryptocurrencies by market cap. However, the recent price drop, whale activity, and bearish technical setup have overshadowed its short-term performance.
Conclusion
The shift in sentiment from Peter Brandt and the heavy whale sell-off has raised new concerns about XRP’s price trajectory. With technical indicators turning negative and market pressure building, XRP may face continued volatility.
Also Read: XRP on the Edge: Is a Massive Crash Coming or Will Bulls Defy the Charts?
