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Brandt Waits On Bearish Confirmation
Peter Brandt is seemingly keeping an eye on XRP for a possible short, but shares a condition that would confirm his bearish stance.
In a Thursday post on X, Brandt says he would take the bearish stand upon the completion of the descending triangle formation on XRP’s daily chart. He captioned a chart showing the triangle’s support line is at approximately $2.75, indicating that this level typically attracts fairly strong demand from buyers.
“$XRP is on my list of short candidates, but it is conditional upon completing the descending triangle.”
Still, the upper descending resistance line shows that buying pressure is slowly weakening. With the two lines now converging, they are shaping up to form a triangle pattern that may spell doom for XRP bulls.
 
The triangle originates from a rejection after XRP set its current all-time high of $3.65 in July. Since then, bulls have been losing momentum at the resistance neckline of the formation at every upsurge.
XRP could plummet to $2.20 lows if the identified bearish pattern plays out — representing a 22% decline from the current price. This would mark a major setback for the bulls, given that the payments token has not seen such levels since early July.
Whales Offload Their XRP At Rapid Pace
XRP’s latest price slump was preceded by massive liquidations from large holders, with market observers suggesting they could continue to pressure XRP’s price in the coming weeks.
After analyzing XRP Whale Flow data using a 30-day moving average, CryptoQuant analyst Maartunn observed that whales are dumping $50 million worth of XRP daily.
“Selling pressure persists,” he added.
This analysis is in line with a “synchronized” increase in XRP supply on centralized crypto exchanges in late September and early October, as data from Glassnode indicates.
The movement “strongly suggests whales are positioning for a significant sell-off,” opined quant trader CryptoOnchain in an X post on Oct. 3, adding:
“The data points to immense selling pressure, creating a high risk of a sharp correction. Conditions are ripe for a major price decline.”