Seasoned trader Peter Brandt is warning that the payments altcoin XRP is at risk of going through a massive capitulation event.
The legendary trader tells his 781,500 followers on the social media platform X that XRP is forming a head-and-shoulders (H&S) pattern on the daily chart.
An H&S structure is a bearish pattern indicating that an asset has lost momentum to sustain its uptrend after failing to print new highs.
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According to Brandt, the bearish structure will be invalidated if XRP climbs above a key resistance level. Otherwise, he says XRP is in danger of breaking support at $1.90 and witnessing a waterfall event.
“Don’t shoot the messenger.
Your favorite Beanie Baby/Pet Rock crypto displays a classic complex H&S top. This could become bullish if
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