XRP Price Approaching a Critical Level: Sentiment is Bearish and Whales are Manipulating the Price
The crypto sphere is particularly worried about XRP and its position in the market, as one of its constituents underscores multiple bearish signals. Peter Brandt, a renowned market expert, cautions about the dire consequences of a prospective price plummet by 50%. This, combined with on-chain data revealing alarming selling activities from whale accounts, has put XRP on a tightrope. This culmination is responsible for the held-breath scenario where those interested in XRP are internally wishing XRP manages to hold its price.
Crypto Market: No area is untouched by the downfall.
With the base text, it is easy to see the underlying dip that has taken place in the crypto market. The total crypto market cap has further declined by 3.4% today, which usually indicates significant selling pressure. Half Dollars, usually regarded as a more conservative cryptocurrency, also took a hit as they dipped down to $81362 before looking like they were making a comeback.
XRP’s Wyckoff Struggle: Frustration and Price Retracement
$XRP started to struggle when the price could not break the resistance at \(2.220\). This rejection led to a large down-move occurring where XRP declined below the important support of \(2.20\). This momentum caused XRP to breach further support levels such as \(2.120\) and finally find a temporary bottom close to \(2.080\).
XRP Weekly Percentage Decline: A Dim View
These numbers show very clearly what $XRP has been facing recently. The token made a new low at \(2.081\) and now is trading around \(2.090\), which translates to a decrease of \(\approx 4.0\% \) in value. Additionally, this also means that XRP has had a staggering 12.8% decrease throughout the week, which indicates a whopping decrease of 38% from the all-time high XRP ever hit of $3.40.
Technical Indicators: A Bearish Perspective
Further evidence has been found that XRP is likely to further decline. Currently, the XRP token is attempting to surmount resistance at the 100-hourly simple moving average (SMA), which is located at approximately $2.150. A bearish trendline appears to be forming at the resistance mark of $2.148 as well. To make matters worse, the negative trend line also coincides with the 50% Fib retracement level from $2.215 to $2.081, which further adds to the confluence of resistance.
Peter Brandt’s Warning: A 50% Price Drop
Peter Brandt, veteran trader and market analyst, comes as harsh news to XRP holders. He has made an estimate that warns of a potential 50% price smash for XRP. In essence, Brandt’s analysis stems from his focus on the “classic complex” head and shoulder top formation within XRP’s price movement, which is often perceived as a change in a bullish trend to bearish momentum.
A Clear Dilemma: Bearish vs. Bullish Scenarios
Brandt’s analysis on XRP’s price comes with an ultimatum. He states that the bullish scenario seems plausible should the XRP price manage to hurdle over the $3.00 mark. On the other hand, should the price not perform as forecasted, the bearish head and shoulders pattern sets them up for a potential painful drop to $1.07.
Brandt’s Backtrack: A Change in Tone
Like other sources, Brandt also seems to have changed his tone on his most recent XRP price prediction to be more cautious than optimistic as compared to his earlier outlook. One of the reasons could be that in December 2024, he had projected a very bullish scenario, citing a symmetrical triangle pattern breakout and expectation of a $500 billion market cap for XRP. His dramatically tempered projection does not help clear up the uncertainty that is surrounding XRP’s future.
Whale Activity: A Billion XRP Dump
Further adding to the bearish pressure, another crypto analyst, Ali Martinez, has reported some XRP whale holders have been very active with selling XRP. His analysis shows that whales sold off more than 1 billion XRP tokens in the past two days. This bear aggression from major players severely undermines XRP’s price and makes it increasingly probable that more downside is on the way.
The Battle for Control: Bulls vs. Bears
The XRP market is currently a battleground between bulls and bears. The last hope for bulls is to defend the key 2.20 mark. In the event the bulls overrun this region, it is likely we would observe a rise in value to $2,250. But if that support at the high 2.080 level is broken, then it’s quite likely we would see a decline in value, which would support Brandt’s predictions.
XRP’s Current Controversy
XRP’s price is under serious strain due to negative technical indicators, whale selling pressure, and worrying comments from a leading trader. This conflict between bulls and bears will predict XRP’s imminent future. Investors need to be careful and watch critical price levels in conjunction with market sentiment to safely traverse through this volatile situation.
