This week, the XRP token began with steady momentum, but as days went by, it started to show signs of struggling to hold its position in the market. By Friday, October 10th, the price of XRP had dipped to $2.83, reflecting a 7-day loss of 7.52%.
In light of XRP’s sharp price drop, seasoned trader Peter Brandt warned that the token might soon enter a “short” phase, advising investors to prepare for more potential declines in this fifth-largest cryptocurrency by market cap.
“This is on my short list of $XRP, but conditional on completing the descending triangle,” Brandt posted on X.
Brandt pointed out a “descending triangle” pattern, a technical formation often indicating a bearish trend for the asset. If XRP falls below the support level around $2.68, the selling pressure could intensify, potentially leading to further declines.
Brandt’s insights come with a strong background in classical charting, having called various market events over the last 50 years. Notably, he had anticipated the drastic drop in Bitcoin’s 2018 bear market well before it concluded. He also mentioned to his followers that Bitcoin is likely to see new all-time highs by 2024 after hitting a bottom in November 2022.
Currently, XRP is experiencing increased selling activity from large holders. Data from CryptoQuant reveals that over 1,000 XRP wallets are unloading approximately $50 million worth of tokens on a daily basis based on a 30-day moving average.
Despite the selling pressure, discussions around a potential spot XRP exchange-traded fund (ETF) continue to swirl in the crypto sector. Some users on X expressed optimism about upcoming events, with one mentioning an essential date on October 18th. This date could coincide with the SEC opening an approval window for XRP ETFs.
Looking ahead, research from Polymarket suggests there’s more than a 99% chance of XRP ETF approval by 2025, thanks to improved legal clarity around Ripple and a favorable environment for cryptocurrencies in the US.
As of now, XRP continues to trade at $2.83, with a slight decrease of 0.01% in the last 24 hours. The total value of the global cryptocurrency market has reached $4.24 trillion, with Bitcoin dominating at 57.1% while Ether holds 12.4%.
If the sell-off from large holders persists and Brandt’s predicted triangle pattern materializes, XRP could face its most critical challenge since early 2024.
