Trader Peter Brandt warns of a possible drop in the price of the cryptocurrency XRP
- XRP Could Drop Below $2,22, Says Peter Brandt
- Bearish Divergence in RSI Worries XRP Investors
- Increased supply and liquidations increase pressure on the token
Veteran trader Peter Brandt has once again issued a warning for XRP, highlighting that the asset may be forming a descending triangle technical pattern. According to the analyst, the token's price has an intermediate target of around $2,68, but if this support is lost, XRP could decline further, reaching the $2,22 region.
Brandt observed XRP's weekly chart and noted a bearish divergence in the RSI, a signal that historically precedes weakening price movements. For traders waiting for a clear trend definition, this technical formation reinforces caution and indicates that the asset may face resistance to resuming its upward momentum.
On-chain data reinforces this pessimistic view. Information from Glassnode revealed that more than 320 million XRP were transferred to exchanges in the last week alone. This brings the total volume stored on these platforms to over 3,8 billion, which is likely to put pressure on the price, as it increases the potential supply available for sale.
Furthermore, demand from whales, large holders of the cryptocurrency, has not kept pace with this movement. According to the data, these institutional investors appear to be pulling back, while short-term traders maintain market liquidity. This imbalance could increase selling pressure if bearish sentiment intensifies.
Another factor that aggravated the situation was the increase in liquidations. In the last 24 hours, leveraged traders lost approximately $23 million, $21 million of which came from long positions. This dynamic created an effect known as a "long squeeze," when the forced liquidation of long positions accelerates market selloffs.
With these technical and on-chain elements converging, XRP faces a decisive moment, and analysts are closely monitoring whether the price can hold above the critical levels highlighted by Peter Brandt.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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