A veteran dealer, thought of by many to be a legend within the area, Peter Brandt, who has been within the monetary market because the Nineteen Seventies, isn’t any snob relating to wanting on the charts of the latest class of belongings, cryptocurrencies.
Specifically, his current curiosity has been centered on XRP, the third largest cryptocurrency by capitalization and one of many old-timers available on the market. Earlier this week, Brandt highlighted an rising head-and-shoulders sample in XRP’s worth motion, with targets starting from $3 to $1.07.
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Nevertheless, the professional dealer determined to double down on his XRP worth outlook and lately dropped an replace on the scenario.
XRP worth outlook by Peter Brandt
Brandt experiences that XRP is forming a traditional complicated head-and-shoulders high, which seems to have been fashioned again in January when the worth of the coin hit a brand new all-time excessive of $3.4. After that, XRP reversed right into a downtrend and didn’t even make it again to the $3 mark.
For Brandt, if the worth fails to interrupt above $3, which is the one technique to activate bullish mode, the implications shall be a decline to $1.07. The latter is sort of 50% beneath the present worth, and with XRP’s market capitalization at $121 billion, such a decline would imply the wiping out of almost $60 billion.
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To estimate the harm, here is a great instance — the market cap of Solana is a complete of $64 billion. Whether or not this final result will flip from a nightmare for XRP holders into actuality stays to be seen.
However in keeping with Peter Brandt, the chance already exists.