Veteran Trader Peter Brandt Warns XRP May Fall to $1.07 Soon

Veteran trader and analyst Peter Brandt has predicted a sharp decline in XRP’s price in March, warning it could fall to $1.07 soon. Brandt based his bearish forecast on the appearance of a classic head and shoulders (H&S) pattern, a well-known signal of trend reversal.

In an X post, Brandt said XRP’s recent uptrend, which saw a 5% gain last month, is nearing its end. He warned that unless XRP breaks above the $3 mark, it remains range-bound. 

If it dips below $1.90, a major slump may follow. “H&S projects to 1.07. Don’t shoot the messenger,” Brandt stated, adding that he has no vested interest in XRP’s movement.

Interestingly, XRP’s price did see a correction, but not up to $1.07. XRP dropped almost 32% to $1.6 on 7th April but bounced back to $2.3 on 23rd April. After that, it followed Bitcoin’s rally and it jumped to $2.65 this month. It failed to break above the major resistance level of $2.6 & hit $3. We can only see a parabolic move if it breaks above these resistance levels.

Despite the bearish technical signal, Ripple’s fundamentals remain strong. The odds of an XRP ETF approval have jumped by 83% despite delays from the U.S. SEC. Volatility Shares has already launched the first 1x XRP futures ETF, fueling optimism for spot ETF approval.

Ripple is becoming more popular thanks to major upgrades and new partnerships. The recent update to the XRP Ledger aims to enhance Ripple’s competitiveness with Ethereum and Solana. Because of this news, XRP went up, and there was a surge in talk about it on social media.

Even though Brandt’s analysis is worrying, Ripple’s rise and interest from institutions could help it in the long run. Now, traders pay close attention to discover which factor, technical or fundamental, will have the biggest impact.

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