XRP Price Analysis

While XRP traders eye $3 as a potential psychological target, veteran trading expert Peter Brandt offers a contrasting outlook, suggesting a possible drop to $1.07 based on a Head and Shoulders (H&S) pattern. Brandt observes that XRP is currently range-bound between $1.90 and $3.

If XRP exceeds $3, it could invalidate bearish signals for those betting against it. Conversely, a drop below $1.90 might confirm the H&S pattern and lead to further declines. The H&S pattern typically indicates a trend reversal from upward to downward, showing three peaks: a left shoulder, a higher head, and a lower right shoulder. The neckline at $1.90, if broken with strong volume, could confirm the bearish trend and target $1.07, although Brandt does not provide a timeline.

Double-Digit Price Predictions

In contrast, pseudonymous analyst Dark Defender predicts a bullish outlook for XRP, noting that upcoming candle closes on March 31 may signal a potential breakout. He applies the Elliott Wave Theory, stating XRP is currently in Wave 3, targeting $5.85 to $8.07 for future price movements. If Wave 5 succeeds, XRP could reach new highs of $18.22 to $23.20. However, it’s essential to approach Dark Defender’s bullish predictions with caution, as he generally expresses optimistic views.

Similarly, Ryan Lee of Bitget forecasts XRP could hit $10 by 2030. Factors beyond technical indicators, especially Ripple-specific catalysts like the nearing conclusion of the SEC case, could help spur a breakout, alongside the potential approval of a spot exchange-traded fund (ETF).

Current Market Status

As of now, XRP is trading at $2.41—a decrease of almost 1.4% on the daily chart and down 5.4% weekly. The price remains at a critical juncture; breaching the $2.50 resistance might trigger a rally, while falling below $2.40 could result in extended losses.

Featured image from Shutterstock