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Legendary trader Peter Brandt warns XRP chart is 'very negative'
Peter Brandt, a renowned trader and legendary chartist, has warned crypto traders that both Bitcoin and XRP may be approaching important turning points.
Technical patterns indicate a potential sell-off event, says Brandt.
On August 27, Brandt told his 807,800 X followers that Bitcoin has not yet decisively broken through the $117,000 zone. He views this as a crucial level for sustaining the current rally.
He wrote that this is a common bearish pattern that can mean the end of an uptrend. However, Brandt said, "Hey trolls, this post does not mean I am bearish or bullish. Most of you trolls need to know this because you are unable to understand nuance on your own."
On August 29, Brandt said that XRP is trading dangerously close to breaking below the diagonal support of a triangle formation. If this happens, it could mean that the consolidation phase is over and a downtrend is next.
He said that "The chart of XRP is potentially very negative."
Bitcoin and XRP's bearish breakdown
According to Coingecko, Bitcoin is trading at $109,170 on September 1, down almost $8,000 from the $117,570 level that Peter Brandt used to advise to avoid a double-top.
This helps to confirm Brandt's caution - if a bump back up to the level wasn't enough to reclaim the resistance, there is a price pullback since topping out.
XRP also continues to show weakness, currently trading at $2.77 after previously peaking at $2.82, a drop of over 6% in the last week.
This decline supports Brandt's warning that XRP was in a triangle structure that looked "potentially very negative," with price action looking to potentially break down below.
Again, both of Brandt's short-term technical outlooks are largely correct.
FAQ on XRP
Who is Peter Brandt?
Peter Brandt is a veteran trader and technical analyst with over 40 years of experience. He’s well-known in the crypto space for identifying chart patterns that often predict big market moves.
What level does Bitcoin need to hold, according to Brandt?
Brandt says Bitcoin must reclaim $117,570 to avoid forming a double-top pattern, which could signal the end of its current rally.
Why is the double-top pattern important?
A double-top is a bearish chart formation that suggests strong selling pressure. If confirmed, it often leads to a price decline.
What did Brandt warn about XRP?
He said XRP is close to breaking down from a triangle formation, which could mark the end of its consolidation phase and potentially trigger a deeper downtrend.
Should traders be worried?
Brandt’s analysis isn’t strictly bullish or bearish but highlights key levels to watch. Traders should be cautious — if Bitcoin fails to reclaim $117,570 or XRP breaks its support, both assets could face more downside.
This article has been published in thestreet.com via Yahoo News.
