Market veteran Peter Brandt has identified a potential head and shoulders pattern on the weekly XRP chart, pointing out what could set it off.
XRP finds itself at a critical point after a sharp drop tied to global tensions. The broader crypto market took a hit when the United States launched airstrikes on several nuclear facilities in Iran, escalating the ongoing Iran-Israel conflict.
As of now, XRP trades around $2.03, sitting in a fragile spot. At this position, veteran trader Peter Brandt pointed to a possible Head and Shoulders (H&S) pattern on the one-week chart, a structure that often leads to a shift to bearish momentum.
XRP Could Confirm the H&S if It Closes Below $1.8
Notably, he identified the sharp dip to $1.61 on April 7 and chose to treat it as an anomaly caused by heightened volatility rather than part of the pattern. When one removes this outlier, the H&S structure looks more intact and consistent.
For perspective, the pattern started forming at the end of last year. Specifically, the left shoulder formed in December 2024, when XRP hit $2.9 and corrected. Meanwhile, the head formed in January 2025 amid the higher surge to $3.4. The right shoulder formed during the rise to $2.65 in May 2025.
Importantly, a solid horizontal neckline sits at $1.875, and XRP currently trades just above that level. Brandt stressed that this doesn’t automatically mean the price will drop. However, he plans to re-evaluate his stance if XRP closes below the $1.80 range on the weekly chart. This move could confirm the pattern and invite deeper losses.
Several indicators support that the market is in a state of indecision. For instance, the 8-week and 18-week exponential moving averages have flattened and now run close together, showing fading momentum.
The ADX, which tracks trend strength, sits at a soft 16.41, well below the threshold for a strong trend. Meanwhile, the Average True Range reads 0.486, indicating that volatility has cooled down. When price action tightens like this, it often leads to a big move in either direction.
Analysts Remain Positive on XRP
As XRP maintains this position, multiple analysts are also discussing its potential direction. CryptoInsightsUK focused on the liquidity building up around $1.87 and predicted that XRP might dip slightly below that level to shake out weak hands.
Looking at $XRP 4HR liquidity.
I would expect we take the liquidity around $1.87.
Whether we get the $1.72 I don't know, I think that would be an absolute blessing entry.
Important to now look up above us and see how dense that liquidity has become. We do go up and it will be… pic.twitter.com/Mtl3o7pK03
— Cryptoinsightuk (@Cryptoinsightuk) June 23, 2025
He mentioned that if XRP dropped as low as $1.72, it could present an ideal buying opportunity. At the same time, he urged traders to watch the liquidity sitting above current levels, suggesting that any upward move from here could trigger a strong rally.
In an earlier report from The Crypto Basic, analyst EGRAG said XRP successfully tested a major support zone, which he calls the “white box” during the latest downward push. EGRAG sees this development as a bullish sign.
He presented two likely paths: either XRP continues correcting or it bounces toward new highs. He also warned that if XRP fails to reclaim the $2.08 level, it could slide to $1.90 or even $1.77. If the market turns more bearish, $1.47 might serve as the next key support level.
