XRP Price is in the spotlight today, but not for reasons that holders may welcome. The token, closely tied to Ripple, has caught the attention of veteran trader Peter Brandt, who called it a “top short candidate” amid weakening price momentum.
Brandt’s latest analysis suggests that XRP may fall further if a major bearish chart pattern is completed in the coming days.
XRP Price Breakdown
According to BrandtThe daily chart of XRP forms a descending triangle pattern, a setup that is often seen as a bearish signal. The chart shows strong horizontal support around $2.68, a level that has historically led to significant buying activity.
However, the declining upper trendline reflects continued selling pressure, causing the price to gradually decline.
“If XRP closes below $2.68, this would confirm a breakdown of the triangle,” Brandt warned. “That could open the door for a decline towards the $2.20 zone, making XRP one of the most attractive short setups in the crypto market today.”
Brandt added that close support would confirm the completion of the bearish formation, potentially accelerating downside momentum.
Ripple (XRP) Price Momentum Weakens
After a powerful rally in 2023, when Despite briefly reaching an all-time high of $3.66 in July, XRP has since formed a series of lower highs, indicating waning bullish strength.
At the time of writing, XRP is trading around $2.79, down more than 3% in the past 24 hours. Data from the Coinpedia markets shows that XRP’s market capitalization now stands at $167 billion, putting it in fifth place after recently being overtaken by BNB, which climbed to third position.
Ripple whale movements
The bearish outlook has also been reinforced by on-chain data showing increased selling activity from large holders. Whales have reportedly sold more than 440 million XRP tokens in the past month, signaling weakening investor confidence.
“The distribution of whales at these levels adds to the bearish case,” one analyst noted. “Unless XRP manages to regain the psychological barrier of $3, the downward pressure may persist.”
Meanwhile, speculation surrounding a potential XRP Exchange-Traded Fund (ETF) has provided only limited optimism. While rumors of an XRP ETF approval initially fueled short-lived rallies, the token has failed to maintain upward momentum amid general market uncertainty.
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How low can the XRP price go?
While Brandt’s bearish
“If XRP holds above $2.68, bulls could regain control,” Brandt explains. “But if that bottom gives way, a deeper correction towards $2.20 is likely.”
However, some analysts remain cautiously optimistic, suggesting that a pullback to the lower $2 range could provide a new buying opportunity if XRP stabilizes.
For now, XRP remains under pressure, with traders keeping a close eye on the $2.68 support level. A decisive move below could confirm Brandt’s bearish scenario and threaten the token’s gains in 2024.
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Frequently asked questions
XRP is falling due to a weakening technical structure, increased selling from large holders (whales), and a broader loss of momentum in the crypto market.
If the key support at $2.68 fails, analysis suggests that the XRP price could decline towards the next key support zone around $2.20, based on the pattern’s measured move.
Analysts and AI predict that XRP could reach $5.05 by the end of 2025, driven by ETF approvals, partnerships, and regulatory clarity.
XRP is considered a strong investment due to its institutional adoption, regulatory advancements, and role in cross-border payments. However, it comes with volatility risks, like all cryptocurrencies.
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