XRP News Today: XRP's $2.68 Support Test: Breakdown to $2.22 or Bullish Rebound?

Veteran trader Peter Brandt has identified XRP as a key short candidate, citing a developing descending triangle pattern on its price chart. According to Brandt, a weekly close below the $2.68 support level would confirm the bearish formation, potentially driving XRP toward $2.22-a 20% correction from its current price of around $2.85 Peter Brandt Says XRP On His List of Short Candidates^[1]. The descending triangle, characterized by lower highs converging on the $2.68 support, aligns with classical technical analysis principles. Brandt emphasized that a breakdown below this threshold would invalidate his bearish case, with the target price derived from the pattern's measured move XRP Price Prediction: Peter Brandt Calls Ripple Token a “Top Short ...^[2].

On-chain data corroborates the bearish outlook. Whale selling activity has intensified, with over 440 million XRP tokens-worth approximately $1.3 billion-offloaded by large holders in the past 30 days XRP Price Prediction: 20% Drop if $2.68 Support Fails, …^[3]. Additionally, more than 320 million XRP tokens moved to exchanges in the last week, pushing exchange reserves to nine-month highs, a sign of heightened selling pressure Peter Brandt Predicts Possible 20% XRP Drop if Support Fails^[4]. Santiment's crowd FUD (fear, uncertainty, and doubt) metric for XRP reached a six-month peak, historically acting as a contrarian signal but not a guaranteed reversal XRP Price on Edge as $50 Million Daily Whale Selling Threatens …^[5].

Market analysts have offered conflicting perspectives. While Brandt's bearish thesis remains prominent, some traders argue that XRP could stabilize or even rally. For instance, analyst Egrag Crypto highlighted an inverted descending triangle pattern suggesting XRP may have bottomed near current levels Peter Brandt Says XRP On His List of Short Candidates^[1]. Similarly, CasiTrades noted XRP's consolidation near the $3.00 level, with a potential breakout toward $4.00–$4.50 if bulls reclaim key resistance XRP Price Prediction: 20% Drop if $2.68 Support Fails, …^[3]. These divergent views underscore the market's uncertainty, with traders closely monitoring the $2.68 support level as a critical pivot point Peter Brandt Predicts Possible 20% XRP Drop if Support Fails^[4].

Regulatory developments also influence XRP's trajectory. The U.S. Securities and Exchange Commission (SEC) has delayed decisions on six pending XRP ETF applications, including proposals from Grayscale and Bitwise, adding to market volatility . Despite the delay, institutional flows remain mixed: while some funds have increased XRP holdings, whale selling persists amid profit-taking and regulatory ambiguity XRP Price: Peter Brandt Warns of 20% Drop as Whales …^[6].

XRP's market capitalization currently stands at approximately $177 billion, placing it just below BNB's $178 billion. A sustained decline toward $2.22 could further erode its ranking, while a breakout above $3.15 might reignite bullish momentum Peter Brandt Predicts Possible 20% XRP Drop if Support Fails^[4]. The token's recent performance reflects broader altcoin weakness, with XRP down 3% in the last 24 hours and trading volume at $7.13 billion .

Analysts caution that the outcome hinges on both technical and macroeconomic factors. If XRP holds above $2.68, bulls could regain control, but a breakdown would likely accelerate the downtrend. Meanwhile, the broader crypto market's response to potential ETF approvals and geopolitical dynamics, such as U.S. interest rate policies, may indirectly influence XRP's price action .