Ripple's native cryptocurrency, XRP, has seen a dramatic drop in its market cap over the past 24 hours. In that time, the token has lost a staggering $7 billion
The price of Ripple’s native cryptocurrency, XRP, has seen a dramatic drop in the past 24 hours, leading to a decrease in its market cap by $7 billion. The token’s value has plummeted, erasing all of the week’s gains and leaving investors on alert.
As of press time, XRP was trading hands at $2,18, showing an increase of 6.9% over the last 24 hours. The asset has seen a depreciation of almost 9% in the last seven days.
The cryptocurrency’s market cap fell from approximately $137 billion to $129,81 billion, a decline of $7,19 billion, according to data from the crypto exchange Binance. The drop led to the token’s price falling from a daily high of $2,37 to $2,16 today.
The cryptocurrency’s price has been volatile in recent days, with the token surging to a three-month high on Wednesday after the U.S. Securities and Exchange Commission (SEC) filed a new complaint against the exchange.
However, XRP’s price action could be influenced by another factor: veteran trader Peter Brandt is predicting a possible drop in the asset's price to $1,07. The analyst based his on the formation of a classic Head and Shoulders (H&S) pattern on the XRP chart, a strong bearish signal.
Expert Brandt noted in his technical analysis that XRP has been oscillating in a price range between $1,90 and $3. However, the formation of the H&S pattern is suggesting a potential reversal of the bullish trend to a bearish trend for the cryptocurrency.
"Classic H&S on XRP. A move below the 'neckline' at 1.90 would complete the H&S pattern and target a move to 1.07 (+/-). A move above the 3.00 price zone would invalidate the H&S pattern and signal a continuation of the bull market," said Brandt in a recent post on X, formerly Twitter.
If XRP’s price falls below the $1,90 level, Brandt’s bearish prediction could come true, taking the asset to $1,07. However, the forecast could be invalidated if XRP breaks above the $3 resistance. It is worth noting that the $2 price zone remains the most critical support level for XRP, as noted by another renowned crypto analyst, Ali Martinez.
