Peter Brandt Says Profit Taken as XRP Dropped to His Bearish Target

Market veteran Peter Brandt has responded to the XRP community trolls with profit claims as XRP briefly dropped to his bearish target.

Brandt appears to now have bragging rights in his heated exchange with XRP proponents. He took to X to flaunt his win, as macroeconomic headwinds in the global market forced XRP to his earlier downside target.

“Target reached. Profits taken,” the veteran trader was quick to share on Friday.

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XRP Breaks Down from Descending Triangle

Notably, this comes as XRP broke down from a descending triangle yesterday, with Donald Trump’s renewed tariff war with China spurring a broader market downtrend. For context, the US president brandished a 100% levy on Chinese imports effective November 1.

This saw US equities, stocks, and the broader crypto market tumbling, with XRP not left out. The token recorded one of its largest capitulation wicks in history, briefly touching $1.37 on Thursday.

Brandt predicted a drop to $2.22 in his earlier analysis, citing that a daily close below $2.66 would confirm a breakdown from the descending triangle. However, things developed quickly with XRP, probably reaching the analyst’s target for a short trade faster than he anticipated.

Did Brandt Get Lucky?

Nonetheless, the XRP community was not having it, even though XRP followed Brandt’s prediction. Several reactions claimed that the veteran trader got lucky, as an unknown event forced XRP downwards rather than his projected triangle breakdown.

Notably, the XRP capsize came purely from an adverse market reaction to fundamental developments rather than a technical analysis-driven correction. XRP proponents made their case with this, insisting market conditions simply favored him.

Others also claimed he predicted that a close at $2.66 would confirm the move, an event that never occurred. Notably, XRP broke down and reached the target with one daily candle, while Brandt suggested traders wait for confirmation before entering the short.

Meanwhile, Brandt refused to admit to this. He claimed to use a 1934 book written by Richard W. Schabacker to accurately predict the capsize. He also claimed he entered all his trades intraday, suggesting he took the trade before the correction.

XRP Correction Wipes Over $700M in 24 Hours

The correction affected XRP positions worth a staggering $708 million in the past 24 hours. Over $615 million of liquidations were long positions, while $92 million of late shorts also took the hit.

XRP is down over 13% in the past 24 hours, with its market cap now standing at $146 billion. This culminates in a price of $2.44, which represents a 78% rebound from the lows of $1.37 reached yesterday.

This followed a broader market trend, which saw a record $19.3 billion worth of trading positions liquidated in the past 24 hours. Remarkably, this is the largest ever in history, stamping October 10 into the crypto history books.