Seasoned trader Peter Brandt is warning that the payments altcoin XRP<\/a> is at risk of going through a massive capitulation event.<\/p>\n The legendary trader tells his 781,500 followers on the social media platform X that XRP is forming a head-and-shoulders (H&S) pattern on the daily chart.<\/p>\n An H&S structure is a bearish pattern indicating that an asset has lost momentum to sustain its uptrend after failing to print new highs.<\/p>\n According to Brandt, the bearish structure will be invalidated if XRP climbs above a key resistance level. Otherwise, he says<\/a> XRP is in danger of breaking support at $1.90 and witnessing a waterfall event.<\/p>\n \u201cDon\u2019t shoot the messenger.<\/em><\/p>\n Your favorite Beanie Baby\/Pet Rock crypto displays a classic complex H&S top. This could become bullish if $3.0 is exceeded, otherwise the implications are a decline to $1.07. If you have an issue with this, take it up with Magee and Edwards.<\/em><\/p>\n XRP.\u201d<\/em><\/p>\n At time of writing, XRP is worth $2.12, down over 3% on the day.<\/p>\n Looking at Bitcoin, Brandt warns<\/a> that BTC<\/a> has broken down from a bearish continuation pattern after losing $85,000 and is now likely headed below $70,000.<\/p>\n \u201cDon\u2019t shoot the messenger.<\/em><\/p>\n Just reporting on what the chart says until it says something different. Bear wedge completed with 2x target from the double top at 65,635.\u201d<\/em><\/p>\n At time of writing, BTC is worth $82,791.<\/p>\n As for the S&P 500, Brandt says<\/a> that the stock market index is now in an \u201cestablished downtrend\u201d after flipping the 5,864 support level into resistance.<\/p>\n \u201cThe 2x target of 5,170 is a very appropriate 18% correction from the high.\u201d<\/em><\/p>\n As of Friday\u2019s close, the S&P 500 is hovering at 5,580 points.<\/p>\n Follow us on X<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>   Generated Image: Midjourney<\/span><\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Seasoned trader Peter Brandt is warning that the payments altcoin XRP is at risk of going through a massive capitulation event. The legendary trader tells his 781,500 followers on the social media platform X that XRP is forming a head-and-shoulders (H&S) pattern on the daily chart. An H&S structure is a bearish pattern indicating that […]<\/p>\n","protected":false},"author":2,"featured_media":385884,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-385883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/385883","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=385883"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/385883\/revisions"}],"predecessor-version":[{"id":385886,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/385883\/revisions\/385886"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/385884"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=385883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=385883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=385883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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