XRP Approaches Major Top Formation, Potential Breakout Could Target $1.07
According to technical analysis, XRP is approaching a key support level around $2, where a potential breakout of the head and shoulders (H&S) formation could trigger a major downtrend.
The head and shoulders pattern is a classic reversal pattern consisting of three peaks, with the middle being the highest peak. A break below the “neckline” (support level) usually signals a transition from bullish to bearish momentum.
The $1.90-$2.00 range has acted as a key demand zone for XRP since January. A drop below this area would confirm a breakout and potentially send XRP’s price plunging toward $1.07.
Experienced trader Peter Brandt warns that a confirmed crash could nearly halve XRP’s price based on the measured move method. This technique calculates the potential drop by subtracting the distance from the top of the formation (head) to the neckline from the breakout point (around $2).
On the upside, XRP bulls need to reclaim the early March lows at $3.00 to invalidate the bearish pattern.
Broader market conditions, including tariff-related risk-off sentiment, could accelerate a move lower for XRP. If the broader crypto market remains under pressure, a breakout of this key support could become even more likely.
Traders are now keeping a close eye on the $2 level as a break below this level could confirm a reversal of the downtrend and open the door for a sharp drop to $1.07.
*This is not investment advice.
