XRP (XRP) Price Shows Resilience as It Hovers Within the $2 Range

XRP's price performance has shown resilience in the last 30 days as it hovered within the $2 range.

Veteran trader Peter Brandt has pointed out a Head and Shoulders pattern on the XRP chart, which may signal further price decline.

"We are now range bound. Above 3.0, I would not want to be short. Below 1.9, I would not want to own it," Brandt stated in a recent post on X.

This technical indicator signals a potential downward trend for an asset in the crypto market. According to Brandt, if XRP manages to move above the $3.00 resistance level, the bearish Head and Shoulder pattern will not matter.

"Above 3.0, I would not want to be short," Brandt stated. This means that short position traders betting on XRP price decline should reconsider their stance.

However, the renowned trader sees another situation where holding XRP becomes risky. "Below 1.9, I would not want to own it," he wrote.

This suggests that if the price of XRP falls below $1.90, the bearish H&S pattern becomes confirmed and could spark further decline. Also, this bearish situation could see XRP price push towards $1 at $1.07, a price level the coin has not recorded since November 2024.

As of 07:05 ET (11:05 GMT), XRP price was trading at $2.32.

According to recent data from Atomic Wallet, XRP’s price performance has shown resilience in the last 30 days as it hovered within the $2 range. Along with this notable outlook, Peter Brandt, a well-known veteran trader, has highlighted a “Head and Shoulder” (H&S) pattern with XRP.

In a post on X, Brandt noted that XRP’s resilience and bullish outlook may suffer a reversal based on this technical setup. Notably, the H&S structure refers to the shift from a bullish to a bearish pattern, heralding the end of an upward price movement. This indicator signals a potential downward trend for an asset in the crypto market.

Brandt stated that we are now range-bound. According to him, if XRP price manages to move above the $3.00 resistance level, the bearish Head and Shoulder pattern will not matter. "Above 3.0, I would not want to be short," Brandt stated.

This means that short position traders betting on XRP price decline should reconsider their stance. However, the renowned trader sees another situation where holding XRP becomes risky. "Below 1.9, I would not want to own it," he wrote.

This suggests that if the price of XRP falls below $1.90, the bearish H&S pattern becomes confirmed and could spark further decline. Also, this bearish situation could see XRP price push towards $1 at $1.07, a price level the coin has not recorded since November 2024.

According to Brandt, XRP price is currently trading within a price range, which suggests that the coin has yet to break.

The veteran trader predicts two likely scenarios that could occur with XRP. He claims that if XRP price manages to move above the $3.00 resistance level, the bearish Head and Shoulder pattern will not matter.

"Above 3.0, I would not want to be short," Brandt stated. This means that short position traders betting on XRP price decline should reconsider their stance.

However, the renowned trader sees another situation where holding XRP becomes risky. "Below 1.9, I would not want to own it," he wrote.

This suggests that if the price of XRP falls below $1.90, the bearish H&S pattern becomes confirmed and could spark further decline. Also, this bearish situation could see XRP price push towards $1 at $1.07, a price level the coin has not recorded since November 2024.

According to Atomic Wallet data, XRP price is currently in the consolidation price range of $2.34.

As the SEC dropped its lawsuit against Ripple Labs, analysts have continued to highlight this development as a key catalyst to XRP price action.

Also, the potential for more notable asset managers to file for a spot XRP ETF is helping to sustain the price outlook.

Nate Geraci, ETFStore President, recently predicted that approval for XRP ETF is imminent. According to him, it is obvious that getting regulatory approval for XRP was only a matter of time.

"We’re also likely to see more asset managers file for the product, especially if the first few get approved by the SEC. I don’t see how Fidelity or BlackRock can sit this one out," Geraci added.