XRP Price at Risk as Bearish Setup as the crypto struggles to stay above the key $2 level. Veteran trader Peter Brandt warns that XRP could drop below $1 if buyers fail to counter a bearish chart pattern on the weekly chart. He highlighted a potential double top formation, which often signals a trend reversal after a strong rally.
XRP recently broke below the pattern’s neckline, increasing downside risk. If bulls are unable to push the price back above $2, selling pressure could intensify in the coming weeks. However, a quick recovery above this level may weaken the bearish outlook.
Peter Brandt Turns Bearish on XRP
Veteran trader Peter Brandt has recently turned bearish on XRP, sharing a weekly chart that highlights a double top pattern, a common signal for price reversals. This year, XRP formed two major peaks, with a critical support level, called the neckline, near $2.
The pattern became more concerning when XRP dropped below this $2 level. Brandt warned that if XRP stays below this support and buyers fail to push the price back up, it could fall further toward $1.
Despite the bearish outlook, Brandt also noted that the pattern might fail. He advised traders to pay attention to the charts and respect what the technical setup shows, rather than assume the price will automatically drop.
In short, XRP faces downside risk if it cannot reclaim $2, but a rebound is still possible if buyers step in. Traders are watching closely for the next move.
Key Support Levels to Watch
If XRP stays below $2, there are a few important levels to watch for possible support:
- $1.78: A short-term support zone where buyers might step in and cause a bounce.
- $1.65: Close to the 100-week moving average, another level that could slow the decline.
- $1.07–$1.00: Long-term support, acting as the final line of defense for XRP.
If XRP manages to rise above $2 again, it could cancel the bearish outlook and turn the recent drop into a bear trap, giving buyers a chance to regain control.
Whale Selling Adds Pressure
On-chain data shows that whales have sold over 1 billion XRP in recent weeks, adding selling pressure. This large-scale selling has weakened market sentiment and increases the chances of a further price drop.
Meanwhile, XRP has already fallen nearly 50% from its recent highs, showing that traders are becoming cautious.
Could XRP Still Bounce?
Even though XRP is showing bearish signals, buyers still have a chance to push the price up. The Relative Strength Index (RSI), a key technical indicator, shows that XRP is near oversold levels. This suggests that the selling pressure may be slowing down, which could trigger a short-term bounce in price.
Analysts are keeping a close eye on the $1.70–$1.80 demand zone, as it is an important support level. If XRP can hold above this zone, it could help stabilize the price and prevent a quick drop toward $1. A strong bounce from this area may give buyers the confidence to step in and regain control of the market.
