Legendary chartist Peter Brandt has the XRP community talking again; this time he is pointing to a possible head and shoulders (H&S) top forming on the weekly chart. For Brandt, if traders see the April 7 price spike as just a random anomaly, it looks like a classic topping formation.
The current price zone near $1.99 is sitting right on neckline support, and Brandt says he will reevaluate the structure only if XRP closes below the $1.87 handle.
The chart shows XRP recently dropping into a tight consolidation range, with support just under the $2.00 mark — exactly where the neckline of this possible head and shoulders pattern is. If this is confirmed, it could mean that the late-2024 rally has reached its peak.
But if it closes below $1.87 this week, it could be a big technical breakdown, which might lead to some deeper dips.
Game of patterns
On the whole, the XRP price shot up from late 2024 and broke out of a multi-year wedge, leading to a massive vertical run that cooled off around the $3.20 level. Since then, it has been forming a high-tight flag, and the risk now is whether that structure resolves higher or collapses back into the breakout zone.
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It is interesting to see that the average true range has dropped to 0.4860, which often signals that volatility is about to compress — and that can often be a sign of a major move. Meanwhile, ADX is sitting at a pretty low 16.41, which is a sign that the trend strength is fading at the moment.
Brandt’s chart is now one of the most-watched in the space, with XRP bulls and bears monitoring that $1.87 neckline. Until the price moves either way, it is just a wait-and-see situation for XRP. But the next few candles could be a turning point, and Brandt’s read has made sure that everyone is paying attention.
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