-
This week, XRP token, kicked off showing a rather steady momentum. As the week progressed, however, the token's struggle to maintain its footing started to reflect on the market charts.
As of Friday, Oct. 10, XRP was trading at $2.83 with its seven-day loss margin having expanded to 7.52%.
Brandt’s bearish signal
Reacting to the steep decline in XRP's price point, veteran trader Peter Brandt has foreseen that the XRP token is approaching a “short” radar, warning investors to brace for further price decline for the fifth-largest crypto asset by market cap.
The well-known trader inferred that a "descending triangle" pattern can be observed in XRP's market trajectory. The phenomenon is a technical pattern that typically signals bearish continuation for the asset.
In simpler terms, if XRP drops below its current support near $2.68, it could trigger heavier selling and a deeper decline.
Related: Ripple acquires new surprising stablecoin platform
Brandt’s credibility in classical charting spans five decades and a Market Wizards feature. He famously called Bitcoin’s brutal 2018 bear market, an 80%+ drawdown from the cycle top, months before it completed.
He also told followers in late 2023 that Bitcoin had likely bottomed in November 2022 and could print fresh all-time highs in 2024, which it did the following year.
Whales add pressure amid ETF speculation
Brandt’s warning arrives as XRP faces mounting selling pressure from large holders.
According to on-chain data from CryptoQuant, wallets holding over 1,000 XRP have offloaded roughly $50 million worth of tokens daily on a 30-day moving average.
Meanwhile, optimism over a potential spot XRP exchange-traded fund (ETF) remains a key talking point among the crypto circle.
“Next Saturday (Oct. 18) looks set to be a profound moment for XRP,” X user DigitalG wrote. “Rails of global liquidity via digital assets will align via the BIS, and in the U.S., the SEC opens the XRP ETF approval window on the same day.”
Meanwhile, data from Polymarket shows over 99% odds of an XRP ETF approval sometime in 2025, fueled by growing legal clarity around Ripple and a more favorable U.S. crypto climate.
Market outlook
As of publication, XRP was trading at $2.83, having registered a loss of 0.01% in 24 hours. The global crypto market cap presently sits atop the valuation of $4.24 trillion, with Bitcoin (BTC) dominance at 57.1% and Ether (ETH) at 12.4%.
If whale selling persists and Brandt’s triangle completes, XRP could be in for its most critical test since early 2024.
This article has been published in thestreet.com via Yahoo News.
Veteran trader books profit as XRP crashes
This week, XRP token, kicked off showing a rather steady momentum. As the week progressed, however, the token's struggle to maintain its footing started to reflect on the market charts. As of Saturday, Oct. 11, XRP is trading at approximately $2.38 after a 15% slide over the past 24 ...
finance.yahoo.com
