Veteran Trader Predicts XRP Price Could Crash To $1.07 Next

Peter Brandt has unveiled a grim market outlook for the XRP price in their near term, predicting prices to tumble to $1.07. The veteran trader is hinging his prediction on the formation of a classic head and shoulders pattern, signaling a trend reversal.

Peter Brandt Projects An XRP Price Slump

Veteran trader Peter Brandt is stoking bearish sentiment for XRP with his latest price prediction. According to an X post, Peter Brandt says the XRP price is at risk of tumbling to $1.07 in the near term.

He argues that XRP is flashing clear signals of a trend reversal after a previous run that saw the asset gain 5% over the last month. Brandt notes that XRP’s run of form is coming to an end, and prices will threaten to fall below the $1 mark. His comments stand in stark contrast to a previous prediction tipping XRP price to $27 in 60 days.

Brandt is hinging his prediction on a classic head and shoulders pattern on the charts for XRP price. The chart pattern often indicates a trend reversal, with Brandt noting that the pattern is pointing to a decline.

“I have no vested interest up or down,” said Brandt. “XRP is forming a textbook H&S pattern.”

At the moment, XRP is trading at $2.30, which the veteran trader translates as range-bound trading. He notes that a spike above $3 will lead to a correction, while a dip below $1.9 will trigger a grim price slump.

H&S projects to 1.07. Don’t shoot the messenger.

Fundamentals Around Ripple Are Glowing Despite Grim Prediction

While Peter Brandt’s prediction paints a grim picture for XRP price, Ripple fundamentals are largely positive. Right off the bat, XRP ETF approval odds spike by 83% despite delays by the US SEC.

The US SEC has delayed issuing approvals for several XRP ETF filings with Bitwise, Grayscale, and Coinshares waiting for a decision. Despite the delay, Volatility Shares has launched the first-ever 1x XRP futures ETF, drumming up enthusiasm for a spot approval.

Furthermore, a new XRP Ledger batch upgrade will position Ripple to compete with Ethereum and Solana. XRP price rallied following the XRP Ledger announcement, building on a streak of positive fundamentals.

Ripple’s social media mentions have surged to a three-month high, driven by a slew of partnerships and acquisitions. Despite the roadblocks following Judge Torres’s indicative ruling in the Ripple SEC case, enthusiasm for a near-term resolution is at an all-time high.