As Bitcoin has collapsed over the past day, so too has Ripples XRP.
Since peaking at around $0.34 last week on the back of FOMO buying, the popular altcoin, the third-largest cryptocurrency by market capitalization, has plunged as low as $0.26 a drop of around 25%. Ouch.
While the cryptocurrency has already plunged heavy, underperforming Bitcoins relatively measly 10% loss, a top analyst is fearing that more pain is on the horizon.
Legendary commodities trader Peter Brandt recently remarked that XRP is in the midst of forming a potentially extremely bearish chart pattern: a head and shoulders top, marked by two shoulder-like price action and a blow-off top.
Brandt remarked that should this textbook pattern play out, the cryptocurrency could fall to $0.2071 around 23% lower than the current market price around $0.27 for that is where the measured move for this pattern lies.
Should XRP fall this low, that would mean bulls would be put back to the drawing board, for the cryptocurrency would have broken through the crucial daily and weekly support around $0.27.
While a strong drop in something like Ethereum would normally be accompanied by a plunge in Bitcoin, XRP can move independently of the market leader due to certain market dynamics; indeed, in 2019, the altcoin fell 50% against the U.S. dollar, dramatically underperforming Bitcoins 94% yearly performance.
That means for this bearish pattern to unfold for XRP, it isnt a necessity for Bitcoin to fall that much lower than it is now.
While Brandt is warning (not predicting) of a potential crash in the altcoin, there are some sure the asset remains bullish, citing a confluence of technical analysis trends.
Financial Survivalism, the trader who called Bitcoins surge to $9,200 by mid-January weeks in advance, almost nailing the timing and magnitude of the move, said that XRP could be forming a medium-term bull trend.
In a tweet published Tuesday, he posted the below chart, showing that he expects the price of the cryptocurrency to rocket towards $0.70 160% above the current $0.27 price in the coming months.
Financial Survivalism backed this lofty forecast by looking to a few factors on the long-term chart of the cryptocurrency: the Heiken Ashi candles have turned green on a weekly basis, implying reversal, the cryptocurrency has turned a key horizontal into support, and it has broken above a falling wedge pattern, adding to the bull case.
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