Here’s Why this Veteran Trader Predicts XRP Price Could Test $2.2

XRP market sentiment has turned cautious after yesterday’s 5% dip and the recent bearish outlook shared by veteran trader Peter Brandt. In a post on X, Brandt noted that if the XRP price closes below the $2.68743 level, it could drop to $2.22163.

Brandt’s post gained widespread attention from the crypto community, with many viewing it as a bold bearish prediction for XRP.

Spot Taker CVD Dominance 

Meanwhile, XRP’s bearish outlook has further strengthened by on-chain analytics platform CryptoQuant’s Spot Taker CVD (Cumulative Volume Delta) metric.

According to the data, taker sell volume has consistently outweighed buy volume every single day over the past 30 days, indicating strong seller dominance in the current market. The metric did not show a single neutral or buy-dominant activity on the chart, signaling a strong bearish sentiment among active traders.

Looking at the expert’s bearish prediction and on-chain metrics, you might be wondering whether the XRP price is really going to fall or if it’s just a routine correction after the recent rally.

Current Price Momentum

As of press time, XRP price is trading near $2.87, recording a modest 0.80% increase in price, according to TradingView data. Meanwhile, traders and investors have shown renewed interest in the asset, as reflected in the trading volume, which has jumped 10% to $7.15 billion.

Also Read: XRP ETF Without SEC Approval? The Twist No One Saw Coming

XRP Price Action and Upcoming Levels

According to TimesCrypto’s technical analysis, XRP on the daily chart turns bearish and is poised for further downside momentum. During the recent dip, the asset lost control over the key support level at $2.93, which it had been testing over the past four days.

Based on the current price action, if the downside momentum continues, there is a strong possibility of a 6.25% price decline, with XRP price potentially dropping to the $2.70 level. However, this bearish outlook could be invalidated if the price rebounds and reclaims the $2.93 level.

At press time, XRP’s Supertrend indicator remains in the red and is positioned above the current price, indicating that the asset is in a downtrend.

Meanwhile, the Average Directional Index (ADX) has fallen to 12, below the key threshold of 25, suggesting a lack of directional strength in the asset.

Traders Bearish Sentiment 

Given the current market sentiment, traders appear to be following the ongoing trend as bets on short positions continue to rise.

Data from derivatives platform Coinglass reveals that XRP’s major liquidation levels stand at $2.815 on the lower side and $2.92 on the upper side. At these levels, traders are over-leveraged, with $33.40 million worth of long positions and $50.97 million worth of short positions built up.

This metric indicates that sellers are strongly dominating the asset and firmly believe that XRP’s price won’t surpass the $2.92 level anytime soon.