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Peter Brandt has identified a complex head and shoulders top for $XRP, suggesting a drop to November 2024 lows except a recovery ensues.
The market veteran’s recent analysis follows a previous disclosure from him regarding $XRP’s current price position. For context, $XRP has not set out a clear trend since the start of this month, March. The altcoin has witnessed periods of price slumps and occasional upsurges but maintains the same bearish footing.
$XRP Forms Head and Shoulders Top
Amid this indecisive phase, market veteran Brandt believes the asset has formed a head and shoulders top. For the uninitiated, a head and shoulders structure is a bearish pattern that often signals an imminent downward trend. It typically consists of two lower peaks (left and right shoulders), with a higher peak (the head) between them.
Brandt’s chart suggests that the left shoulder formed when $XRP soared to the $2.9 peak in early December 2024. This came up on the back of the uptrend that began in November 2024 following Donald Trump’s victory in the election. $XRP rallied from $0.5 in November to $2.9 in December before facing rejection.
After over a month of consolidation, the altcoin recovered, soaring to a new seven-year peak of $3.4 in mid-January 2025. According to the chart, this $3.4 peak represented the head of the pattern. Following the resistance at $3.4, $XRP collapsed amid a broader market pullback.
Interestingly, after President Donald Trump’s social media announcement earlier this month that the government plans to include $XRP in the nation’s crypto reserve, $XRP staged another recovery. The asset hit a peak of $3 on March 2, forming the right shoulder.
Price Levels to Watch
With the formation of both shoulders and the head, data indicates that the the pattern’s neckline stands around the $1.9 to $2 mark. This region is particularly crucial, as it determines if the head and shoulders pattern will take full shape or if $XRP will invalidate it.
In his recent analysis, market veteran Brandt branded $XRP a “pet rock,” reminiscent of his earlier criticisms of the asset. However, he admitted that if $XRP soars above the $3 mark, the bearish connotation would become invalid.
Nonetheless, should the head and shoulders pattern play out, the veteran trader expects a drop to $1.07. The last time $XRP saw this price level was in November 2024, during the massive run that saw it recover $2. A drop below $2 and into the $1 range could prove bearish for the asset in the near term.
In his previous disclosure, Brandt suggested that this crash could materialize if $XRP drops below $1.9, representing the neckline. Currently, $XRP trades for $2.16, down 6.12% over the past 24 hours. A further 12% crash would bring the $1.9 neckline support into play. Previous analyses had suggested that $XRP remains bullish as long as it holds $2.