XRP News Today: XRP's $2.68743 Support Battle: Bearish 20% Drop or Contrarian Rebound?

XRP, the third-largest cryptocurrency by market capitalization, has experienced a 4% decline in the past 24 hours, trading at approximately $2.85 as of October 7, 2025. This drop follows warnings from veteran trader Peter Brandt, who has identified a descending triangle pattern on the XRP price chart, suggesting a potential 20% correction if the token closes below the critical support level of $2.68743Peter Brandt Outlines The Conditions For a 20% XRP Price Drop^[1]. At current levels, a 6% decline would trigger the larger selloff, pushing XRP toward $2.22163, a target that aligns with multiple technical and on-chain indicatorsXRP Price Slides 3.5% As Peter Brandt Warns Of 22% Selloff^[2].

Brandt's analysis, shared on X (formerly Twitter), references the classic bearish continuation pattern described in technical analysis literature, such as Edwards and Magee's textbook. The pattern is characterized by a series of lower highs and a relatively flat support level, which has been tested multiple times without a breakoutXRP Price Warning: Brandt Eyes 18% Fall to $2.20 if $2.68 Support ...^[3]. The trader emphasized that the price must hold above $2.68743 to avoid further deterioration, noting that a breach would invalidate the pattern's bullish case and reinforce the bearish outlookXRP on the Brink: Veteran Trader Peter Brandt Warns of 18% Crash^[4]. This warning has been echoed by other market analysts, including Ali Martinez, who highlighted a similar descending triangle on the daily timeframe, projecting a retest of the $2.72 support levelPeter Brandt Just Made a New XRP Price Prediction — Here’s the …^[5].

Sentiment data further supports the bearish scenario. According to Santiment, negative sentiment toward XRP has reached a six-month high, reflecting growing pessimism among investorsPeter Brandt Outlines The Conditions For a 20% XRP Price Drop^[1]. Concurrently, Google Trends data shows that XRP-related search interest has fallen to a three-month low, with volume below 25 points as of late September 2025Peter Brandt Outlines The Conditions For a 20% XRP Price Drop^[1]. The combination of these factors suggests a potential for increased selling pressure, as both retail and institutional participants reassess their exposure to the asset.

On-chain metrics also point to structural weaknesses in XRP's market dynamics. Santiment's analysis reveals that mid-level holders-wallets containing 1 million to 10 million XRP-have begun selling after a year of accumulation. The proportion of supply held by this group rose from 6% in October 2024 to a peak of 10.76% in September 2025 before declining to 10% in early October 2025Peter Brandt Outlines The Conditions For a 20% XRP Price Drop^[1]. This sell-off, attributed to profit-taking or waning confidence, could exacerbate downward momentum, as this cohort controls a significant portion of XRP's circulating supply.

While Brandt and others maintain a bearish stance, some analysts have identified contrarian signals. Santiment's historical analysis suggests that extreme negative sentiment often precedes price recoveries, citing XRP's past rebounds from similar levelsPeter Brandt Outlines The Conditions For a 20% XRP Price Drop^[1]. Additionally, CasiTrades, a crypto strategist, has proposed that XRP's consolidation could set the stage for a "Wave 3" breakout under Elliott Wave Theory, potentially pushing the price to $4–$4.50 if buying volume returnsXRP Price Warning: Brandt Eyes 18% Fall to $2.20 if $2.68 Support ...^[3]. However, these bullish scenarios remain contingent on a decisive rejection of key support levels, such as $2.68743, and a shift in market sentiment.

The broader market context adds to the uncertainty. XRP's market capitalization has fallen to fourth place after BNB overtook it, with a valuation of approximately $178 billionXRP on the Brink: Veteran Trader Peter Brandt Warns of 18% Crash^[4]. This shift reflects broader altcoin market dynamics, where Ethereum and other layer-1 networks have gained traction. Meanwhile, XRP's failure to reclaim the $3.00–$3.10 resistance zone has reinforced bearish momentum, as sellers have consistently controlled the upper end of the descending trianglePeter Brandt Just Made a New XRP Price Prediction — Here’s the …^[5]. Analysts caution that a sustained close above $2.94 could invalidate the bearish pattern and trigger a retest of $3.10, but this scenario remains unlikely in the near termXRP Price Warning: Brandt Eyes 18% Fall to $2.20 if $2.68 Support ...^[3].

In conclusion, XRP faces heightened volatility as it approaches critical technical levels. While Brandt's prediction of a 20% selloff hinges on a breakdown below $2.68743, contrarian signals and potential ETF-related catalysts could alter the trajectory. Investors are advised to monitor on-chain activity, sentiment shifts, and institutional positioning as the token navigates this pivotal phase.