XRP Potentially ‘Very Negative,’ Peter Brandt Says Amid Crypto Market Crash

Veteran trader Peter Brandt has indicated that XRP’s current outlook is bearish and that the altcoin could witness new lows before any potential reversal to the upside. This comes as the broader crypto market faces a significant correction, with Bitcoin leading the pack.

Peter Brandt Comments On XRP’s Price Action

In an X post, the veteran trader said that XRP’s chart is potentially very negative. This came as he also issued a disclaimer stating that he was only posting what he saw on the chart and that he is wrong as often as he is right. Brandt’s statement is likely a reference to members of the crypto community who have criticized him over his past bearish predictions.

His accompanying chart showed that the altcoin was at risk of dropping to as low as $2.78, a level which would mark a new local low. Notably, XRP is currently on a downtrend, having failed to hold above the psychological $3 level.

TradingView data shows that the crypto asset is down almost 5% today, currently trading at around $2.83. XRP has also declined by nearly 10% over the last month. This decline has occurred despite the Ripple SEC lawsuit ending earlier this month.

Notably, the altcoin surged to as high as $3.4 following Ripple and the SEC’s joint dismissal of the case at the beginning of the month. However, it has since lost these gains amid a broader crypto market correction.

Meanwhile, it is worth mentioning that Peter Brandt hasn’t always been bearish on the XRP price. Last month, he remarked that the altcoin will go “up up up” after ending its long-term consolidation. This occurred just before it broke above the $3 level and rallied to a new all-time high (ATH) of around $3.60.

Bullish Outlook From A Fundamentals Perspective

Amid the current pullback for XRP and Peter Brandt’s prediction, experts like Nate Geraci have provided a bullish outlook for the altcoin. Geraci recently declared that the crypto floodgates are about to open soon with the potential approval of the pending XRP ETF applications.

This bullish outlook stems from the fact that new capital could flow into the altcoin’s ecosystem through these funds. Geraci has also indicated that these XRP funds will likely experience massive demand, considering the current institutional demand for XRP through CME futures and futures-based ETFs.

These CME XRP futures were the fastest crypto product to reach $1 billion in open interest in just over three months of launch. Meanwhile, the futures ETFs have attracted nearly $1 billion in inflows.