Peter Brandt Lists XRP Among Shorts Amid Crypto Market Crash

Veteran trader Peter Brandt has doubled down on his bearish XRP prediction. This time, he has listed the altcoin as one of the potential tokens that he could end up shorting, suggesting that it could drop to as low as $2.2. This forecash comes amid a crypto market crash, with BTC dragging altcoins lower.

Peter Brandt Lists XRP Among Short Candidates

The veteran trader remarked that the altcoin is on his list of short candidates, hinting at a potential short trade in anticipation of a price decline. He added that his shorting the token is conditional upon completing the descending triangle.

Brandt’s accompanying chart showed that he was targeting an XRP decline to as low as $2.22. As CoinGape reported, the veteran trader’s analysis earlier this week showed that a descending triangle was developing for the altcoin. He added back then that a close above $2.6 could send XRP tumbling to $2.22.

The bearish forecast for the altcoin comes as it struggles to hold above the psychological level. XRP rallied yesterday to $2.92 in an attempt to reclaim $3, but is now witnessing a pullback amid a broader crypto market correction.

Meanwhile, as CoinGape reported, whales offloaded 440 million coins over the last month, a development indicating weakening demand for the altcoin. This comes despite the XRP ETF buzz, which is expected to drive new inflows into the token’s ecosystem.

XRP is also facing the most amount of FUD since the Trump tariffs, according to the on-chain analytics platform Santiment. However, the platform claimed that this is bullish as the price always moves in the opposite direction of retail traders’ expectations.

Technicals Point To A Price Breakout Ahead

Crypto analyst CasiTrades remarked that XRP is ready for a breakout as the technicals look strong. She noted that all recent lows continue to hold above the macro .5 Fib retracement at $2.79. The analyst added that this level remains a significant support on the macro scale and that all attempts to break below it have failed so far.

From an Elliot Wave perspective, CasiTrades admitted that there could be another subwave 2 move before a large wave 3 impulsive move to the upside kicks in. However, she noted that the purpose of the consolidation pattern is to exhaust the market and confuse traders.

The analyst believes that the fact that nothing has fallen through is technically a bullish sign for XRP. She also noted that markets don’t typically top during consolidation, so it is most likely the altcoin will see another wave to a new all-time high (ATH).

CasiTrades reminded market participants that XRP consolidated for seven years before breaking out from $0.50 to $3.66. She added that subwaves are currently getting constricted, which is why extensions are being limited to $4.50 and $6.50. However, the analyst claimed that the macro targets remain between $8 and $13 if the momentum continues strong.