Veteran Trader Peter Brandt Puts XRP Holders on Alert with Crucial Support Levels
Renowned veteran trader Peter Brandt has issued a stark warning to XRP enthusiasts, urging them to consider potential deeper support levels for the digital asset. Sharing a detailed weekly chart, Brandt queried the XRP community on how far they believe the price could fall, suggesting that XRP's recent price action might not represent a clean breakout but rather a test of its late-2024 range expansion.
XRP's Precarious Position: A Technical Deep Dive
Brandt's analysis, posted on X (formerly Twitter), focuses on a weekly XRP/USDT chart from Binance. His markings reveal a significant price structure: an extended base throughout 2023 and much of 2024, followed by a notable vertical breakout in late 2024. This breakout was succeeded by a period of consolidation and a subsequent pullback. Central to his chart is the $1.55 level, identified as a "former range-reclaim," highlighting its critical importance in the current market dynamics. This level acts as a key pivot, determining whether the market interprets the recent movements as a healthy retest or a more concerning structural failure. To gauge market sentiment, Brandt initiated a poll with four options: "Bottom is in," "Support at .93xx," "Support at .72xx," and "Slightly above zero." The results demonstrated a divided opinion among traders, with the first, second, and fourth options each garnering 27% of the votes, while the ".93xx" support level received 19% and was marked as the selected choice. Technically, the $0.93 area aligns with a descending trendline from XRP's 2021 peak, while the deeper $0.72 region corresponds with the ascending trendline of XRP's earlier 2023-2024 base and a long-term support line that preceded the late-2024 surge. This $0.72 level, therefore, represents a potential full retest of the prior breakout structure.
The Path Forward for XRP Holders
For XRP bulls, the immediate focus is on the $1.55 region. A successful reclaim and sustained hold of this level on the weekly timeframe would signal a robust retest of a breakout zone, reinforcing the notion that buyers are actively defending this critical boundary. Such a scenario would alleviate concerns about a broader structural failure following the initial aggressive rally above $3. However, should XRP fail to reclaim $1.55, the lower support levels identified in Brandt's poll, particularly the $0.93 and $0.72 marks, will become increasingly relevant. A continued price decline below the $1.55 threshold would indicate that the market has not fully surrendered the post-breakout gains but suggests a deeper search for equilibrium. As XRP currently trades around $1.3941, the coming weeks will be crucial in determining whether the asset can re-establish confidence or if further downside tests await.
