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XRP price led cryptocurrency losses on Friday, plummeting by 10% in a 24-hour. The token hovered below $1.30, marking its lowest level since Nov 2024. This bearish trend continues as Peter Brandt forecasts a potential crash in Bitcoin’s price to $42k. 

Cryptocurrency marketsare still under intense pressure, and Bitcoin is having trouble holding above the $60,000 mark.

Technical signs provide a warning of a sudden sell-off, and this makes investors worried. Other large cryptocurrencies, such as ETH, SOL, Dogecoin, and Cardano, have recorded losses within the last 24 hours.

Peter Brandt Predicts BTC Price Might Crash to $42k

Veteran trader Peter Brandt has shared his outlook on Bitcoin’s recent priceaction, predicting that the downside may be limited to around $42,000. In a post on X, Brandt referred to the current correction as a “banana peel” drop. The term is applied to denote abrupt change in price that shocks traders. This is a trend that Brandt views as equivalent to historical Bitcoin market corrections.

Although the market has been on a sell-off, Brandt believes that the price of Bitcoin will not drop below $42,000. This is a critical level of support he sees as being able to curb further major reductions.

The wider crypto-market has incurred massive losses, with Bitcoin price fallingto $60,074. Ether price has also dropped to $1,748, and Ripple has fallen to the support level of $1.13. These losses have negated the gains that have been recorded since November 2024.

Should the price of Bitcoin keep correcting, it might experience resistance at about 42,000 as predicted by Brandt, possibly dragging other cryptocurrencies like XRP price further down.

Crypto ETFs: BTC and ETH Face Outflows While XRP and SOL See Inflows

On February 5, U.S. Bitcoin ETFs saw $434 million in net outflows, with BlackRock’s Bitcoin ETF (IBIT) leading at $175 million. There were also outflows of Ethereum ETFs of 80.79 million.

Nonetheless, Solana spot ETFs reported a minor net inflow of $2.82 million. Meanwhile, XRP was recording a positive movement towards a net inflow of $4.83 million and was relatively stable with the rest of the volatility in the market.

Will XRP Price Crash Below $1 Level Soon?

The XRP price fellto $1.30 at the time of writing, following heavy volatility over the last few hours.

The Moving Average Convergence Divergence (MACD) indicates that there is a negative momentum, and the histogram is below the signal line.

Additionally, the Relative Strength Index (RSI) has fallen to 33, which is an indication that XRP is almost to oversold.

The XRP immediate downside price target is at $1.20, and in case it breaks, it may fall to the price area of $1.10. However, a rise and a peak above $1.40 can mark a turnaround and provide a far more encouraging outlook.

To sum up, XRP has been a poor performer, and recent falls in price have been intensified by the wider market sell-offs. The crypto market is further uncertain, considering Peter Brandt predicting BTC to plummet to $42k.

Source: https://coingape.com/markets/xrp-price-outlook-as-peter-brandt-predicts-btc-price-might-crash-to-42k/

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