Friday brought a sharp downturn for the cryptocurrency market, with XRP leading the decline — dropping 10% in 24 hours to trade below $1.30, its lowest level since November 2024. Bitcoin slipped to around $60,074, while Ethereum fell to $1,748. Other major tokens including Solana, Dogecoin, and Cardano also posted losses, reflecting intense selling pressure across the board.
Veteran Trader Peter Brandt Warns Bitcoin Could Crash to $42K
Seasoned trader Peter Brandt issued a cautious outlook, describing the current correction as a "banana peel" drop — a sudden, unexpected price move that catches traders off guard. He suggested Bitcoin could fall as low as $42,000 before finding strong support. Brandt's forecast adds to the uncertainty hanging over the broader crypto market.
ETF Flows Show Sharp Divergence: Bitcoin Bleeds $434M, XRP Bucks the Trend
Data from U.S. spot ETFs on February 5 reveals a stark divide in institutional sentiment. Bitcoin ETFs saw net outflows of $434 million, with BlackRock's IBIT accounting for $175 million of withdrawals. Ethereum ETFs also suffered $80.79 million in outflows. In contrast, Solana and XRP ETFs recorded modest inflows of $2.82 million and $4.83 million, respectively, signaling that some investors are betting on a rebound for these altcoins despite the market-wide rout.
XRP Technical Picture: RSI Nears Oversold, Key Support at $1.20
XRP's Relative Strength Index (RSI) has dropped to 33, approaching oversold territory that could trigger a technical bounce. Immediate downside target sits at $1.20, with a potential extension to $1.10 if bearish momentum persists. On the upside, reclaiming the $1.40 level would shift sentiment bullish. Despite the sharp decline, XRP has shown relative stability compared to peers, suggesting it could recover faster once Bitcoin stabilizes.
The crypto market now stands at a critical juncture. Whether Bitcoin can hold the $60,000 level — and if Brandt's grim $42,000 forecast materializes — will determine the fate of XRP and other altcoins in the days ahead.