Top Trader Predicts Bearish Outlook for XRP Against Bitcoin

Veteran trader Peter Brandt has identified a significant bearish signal for a major altcoin against Bitcoin (BTC).

Brandt stated that XRP, a popular payments network, might be forming a head and shoulders (H&S) pattern against Bitcoin (XRP/BTC) on the weekly chart. An H&S pattern is typically viewed as a bearish reversal in technical analysis.

This chart pattern is a multi-year complex H&S.
If this chart penetrates the lower support line then all @X accounts with XRP initials attached will slowly disappear to never again be seen again pic.twitter.com/tJEJSEvKv8

— Peter Brandt (@PeterLBrandt) August 1, 2024

Brandt forecasts a sharp decline for XRP/BTC if it falls below its key support level around 0.000008 BTC. He suggests that if XRP breaks this multi-year complex H&S chart pattern, accounts associated with XRP will gradually fade away.

Brandt also pointed out that Bitcoin is exhibiting patterns indicative of weakness, noting the ongoing series of lower highs and lower lows for BTC.

Examining Bitcoin’s performance against gold, Brandt discussed the BTC/gold ratio, which stands at 26. He suggested it could potentially drop to 16 without jeopardizing Bitcoin’s long-term bullish potential against gold.

According to Brandt, the BTC/gold chart exemplifies classical charting principles and requires flexibility in interpretation. While currently at 26, BTC might fall to 16 against gold without affecting its long-term bullish outlook. Ultimately, BTC could climb to over 150. He advocates for holding both gold and Bitcoin, viewing rigid adherence to either as unwise.