The post Peter Brandt Predicts XRP Could Drop to $1.07 Unless It Hits $3 appeared first on Coinpedia Fintech News
Peter Brandt, a veteran market analyst, has identified a pattern in XRP’s price chart called a head and shoulders top. This is a bearish pattern usually that signals an imminent downtrend. He suggests that the price will drop, potentially reaching its lowest point from November 2024, unless the coin makes a strong recovery.
XRP Struggles for Direction Amid Bearish Trend
Since March began, XRP hasn’t shown a clear upward or downward trend. The altcoin has experienced both price drops and occasional rises, but overall, it remains in a bearish trend. “This could become bullish if 3.0 is exceeded, otherwise the implications is a decline to 1.07,” he noted.
Brandt’s chart shows that the left shoulder formed when XRP hit a $2.9 peak in early December 2024. This surge followed an uptrend that started in November 2024 after Donald Trump’s election win, with XRP rising from $0.5 in November to $2.9 in December before facing a price drop.
After more than a month of sideways movement, XRP bounced back, reaching a new seven-year high of $3.4 in mid-January 2025. This peak marked the “head” of the pattern. However, after hitting resistance at $3.4, XRP dropped along with the broader market. Interestingly, following President Donald Trump’s announcement that XRP will be part of the U.S. crypto reserve, XRP rallied again, peaking at $3 on March 2, forming the “right shoulder.”
Key Levels To Watch
With both shoulders and the head in place, the pattern’s neckline is around $1.9 to $2. This level is crucial because it will decide whether the head and shoulders pattern holds or gets invalidated.
In his latest analysis, Brandt called XRP a “pet rock,” echoing his previous negative opinions about the asset. However, he acknowledged that if XRP breaks above $3, the bearish outlook would no longer apply. If the head and shoulders pattern holds true, Brandt predicts XRP could drop to $1.07, a level last seen in November 2024. Falling below $2 and into the $1 range would be a bearish sign for XRP.
Brandt previously warned that this drop could happen if XRP falls below $1.9, the key support level. Right now, XRP is trading at $2.16, down 6.12% in the last 24 hours. A further 12% drop could push it to test the $1.9 support. Previous analysts suggest that XRP stays bullish as long as it holds above $2.
Economic Factors
Besides, Beyond technical charts, economic factors also impact XRP’s price. The upcoming 25% tariffs on car imports, starting April 3 under Trump’s policy, could raise manufacturing costs and fuel inflation.
Besides, the CME FedWatch Tool estimates the chances of a rate cut in June at 55.7%, down from 67.3% last week. If the Fed keeps rates higher for longer, it can decrease liquidity in speculative markets, which may negatively impact risk assets such as XRP.