The post XRP Price Prediction: Peter Brandt Calls Ripple Token a “Top Short Candidate” appeared first on Coinpedia Fintech News
XRP Price today is in the spotlight, but not for reasons that holders might welcome. The token, closely associated with Ripple, has caught the attention of veteran trader Peter Brandt, who has called it a “top short candidate” amid weakening price momentum.
Brandt’s latest analysis suggests XRP may face further decline if a key bearish chart pattern completes in the coming days.
XRP Price Breakdown
According to Brandt, XRP’s daily chart is forming a descending triangle pattern, a setup often viewed as a bearish signal. The chart shows strong horizontal support near $2.68, a level that has historically triggered significant buying activity.
However, the descending upper trendline reflects persistent selling pressure, gradually pushing the price lower.
“If XRP closes below $2.68, it would confirm a breakdown from the triangle,” Brandt warned. “That could open the door for a fall toward the $2.20 zone, making XRP one of the most appealing short setups in the current crypto market.”
Brandt added that a close below support would confirm the completion of the bearish formation, potentially accelerating downside momentum.
Ripple (XRP) Price Momentum Weakens
Following a powerful rally in 2023, when XRP surged more than 238%, the token’s 2024 performance has been much more muted, posting a modest 34% gain so far. Despite briefly touching an all-time high of $3.66 in July, XRP has since formed a series of lower highs, signaling declining bullish strength.
At the time of writing, XRP trades near $2.79, down over 3% in the last 24 hours. Data from Coinpedia markets shows XRP’s market capitalization now stands at $167 billion, ranking it fifth overall, after recently being overtaken by BNB, which climbed to the third position.
Ripple Whale Movements
The bearish outlook has also been reinforced by on-chain data showing increased selling activity from major holders. Whales have reportedly sold over 440 million XRP tokens in the past month, a signal of weakening investor confidence.
“Whale distribution at these levels adds to the bearish case,” one analyst noted. “Unless XRP manages to reclaim the $3 psychological barrier, downside pressure could 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 sustain upward momentum amid overall market uncertainty.
How Low Can XRP Price Go?
While Brandt’s bearish XRP price prediction has sparked anxiety among traders, he emphasized that his short call remains conditional—dependent on the descending triangle pattern breaking below key support.
“If XRP holds above $2.68, bulls could regain control,” Brandt explained. “But if that floor gives way, a deeper correction toward $2.20 is likely.”
Some analysts, however, maintain a cautiously optimistic view, suggesting that a pullback to the lower $2 range may offer a fresh buying opportunity if XRP stabilizes.
For now, XRP remains under pressure, with traders watching the $2.68 support level closely. A decisive move below it could confirm Brandt’s bearish scenario and put the token’s 2024 gains at risk.
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FAQs
XRP is dropping due to a weakening technical structure, increased selling from large holders (whales), and a broader loss of momentum in the crypto market.
If key support at $2.68 fails, analysis suggests the XRP price could decline toward the next significant support zone around $2.20, based on the pattern’s measured move.
Analysts and AI forecasts project 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 progress, and role in cross-border payments. However, it carries volatility risks like all cryptocurrencies.
