Crypto Market Update
Veteran trader Peter Brandt has labeled Ripple's XRP token a top short candidate, sparking debates on which crypto to buy now amid shifting crypto prices.
Brandt spots a descending triangle on the daily chart, where XRP hovers near $2.79 after a 3% drop in the last day. Whales dumped 440 million tokens last month, fueling bearish signals as support at $2.68 teeters.
Consequently, traders eye a potential slide to $2.20 if that level breaks, contrasting with XRP’s modest 34% gain this year after 2023’s surge.
Peter Brandt names Ripple (XRP) token a “Top Short Candidate”
Moreover, whispers of an XRP crypto ETF offer faint hope, yet market jitters persist. Thus, savvy investors pivot toward stabler options in the volatile crypto market.
Author's summary: Peter Brandt advises against XRP.
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