The XRP, has seen a continuous price drop in the last seven days of trading, creating a bearish sentiment for the community. In its graph chart, the asset is making a head and shoulder formation against Bitcoin which is considered as the token will bleed further.
Famous crypto analyst Peter Brandit witnessed the same formation in the last seven days XRP graph. Brandit stated that the popular payment network seems to do a bearish reversal.
In a recent post in X, Brandt explained to his audience that this chart pattern is a complex head and shoulders developed over several years. If the chart breaks below the support line, all accounts with XRP in their names could gradually disappear forever.
Brandit witnessed a sharp drop in XRP/BTC price if the asset dropped its price below the key support level of 0.000008 BTC. He also noted that Bitcoin‘s pattern of lower highs and lower lows.
While noting Bitcoin’s performance against Gold, the analyst explains the BTC/Gold ratio which stands at 26. He suggested the price could drop to 16 without considering BTC’s long bullish streak against Gold.
According to Brandt, the BTC/gold chart shows classic charting principles and needs to perform flexiblally BTC is at 26 now but could drop to 16 against gold without changing its long-term positive trend. Eventually, BTC could rise to over 150. He suggests holding both gold and Bitcoin, as sticking strictly to one isn’t wise.
