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Experienced analyst Peter Brandt, who has been in the market for a long time and is closely followed with his successful analyses, shared his latest analysis for Ripple ($XRP).
Sharing from the X account, Brandt pointed out the downward trend in $XRP this time, stating that there could be a possible decrease in the price.
According to Peter Brandt, the bearish formation seen on the $XRP daily chart points to a further correction if the price closes below the critical $2.66 support trend line.
Veteran trader Peter Brandt pointed out a descending triangle forming on the $XRP daily chart, suggesting that further declines are possible.
The experienced analyst pointed out that this structure has been taking shape since $XRP experienced a strong price decline from its peak of $3.66 in July, emphasizing that $XRP has been oscillating between the upper resistance and lower support of the formation since then.
Veteran market analyst Ali Martinez also predicted that $XRP could see further declines. Martinez also shared his bearish outlook for $XRP, pointing to a descending triangle formation similar to Brandt's on the daily chart.
Market veteran Ali Martinez also predicted that $XRP could see further dips. He shared that there is an $XRP trend within a descending triangle on the daily timeframe, with a similar origin to Brandt's.
“The triangle in $XRP appears to be heading towards a retest of the $2.72 low.”
$XRP, which has fallen 3.3% in the last 24 hours, continues to trade at $2.86.
*This is not investment advice.