Renowned trader Peter Brandt, with over 50 years of experience, has recently shared what he describes as a “historic” chart for XRP Coin. This is noteworthy because, if Brandt’s analysis proves accurate, XRP might face a significant decline at a rare and rapid pace. Although Peter Brandt seldom comments on cryptocurrencies, his attention to XRP Coin makes his latest chart particularly captivating.
The Historic Target for XRP Coin
Since 1975, Peter Brandt has been trading and remains one of the oldest individuals sharing cryptocurrency charts. His half-century of trading experience enables him to recognize patterns that might not yet be fully formed. Brandt commands respect partly because many formations were not well-known or invented when he began trading.
The chart Brandt shared suggests the potential formation of a double top pattern. “I already know all the Riplosts will remind me of this article for eternity – ask if I care, the answer is no,” he states. “This is a potential double top. Of course, it can fail, and if it does, I’ll handle it. But for now, there’s a bearish trend here. Like it or hate it – you’ll have to deal with it.”
If his prediction comes true, XRP Coin might dip to around $1. Today’s sudden increase and decrease in BTC foreshadow more volatility on the horizon. Significant developments are expected in the next two days, and January is poised to begin with even greater advancements, potentially reversing the thin volatility. Thus, due to the likely negative scenario, Peter’s warning should not be dismissed.
Altcoin Dominance Chart
Many altcoins this year have not revisited their peaks from the previous year and have plunged deeper. A lot of them are now close to those low levels. Analyst DaanCrypto examines the OTHERS chart, which excludes the top 10 cryptocurrencies, focusing on the status of most altcoins. Interestingly, the dominance of OTHERS has been declining since January 2022.
“OTHERS.D offers a great overview of general altcoin strength and dominance. What we see here is that right after the formation of crazy wicks, we’ve essentially returned to the levels of October 10 (major drop). Prices rose from that point until November but have stalled since then and lost significant value again.”
An important support area is approaching and is worth watching. Despite some major rebounds, this has primarily been in decline since January 2022.”
