Market veteran Peter Brandt celebrates profits as XRP briefly hits his bearish target, driven by renewed U.S.-China tariff tensions.
XRP broke down from a falling triangle on Wednesday, as Donald Trump’s renewed tariff spat with China fueled a broader market slump. For context, the U.S. president announced a 100% tariff on Chinese goods starting November 1.
This triggered a sharp decline across U.S. equities, stocks, and the broader crypto market, including XRP. The token experienced one of its largest capitulation wicks in history, briefly touching $1.37 on Thursday.
Peter Brandt Triumphant as XRP Meets Bearish Target
Market veteran Peter Brandt responded to XRP community trolls by highlighting his profit claims after XRP briefly hit his bearish target level.
Peter Brandt earned bragging rights after a heated exchange with XRP supporters. Peter Brandt took to X (formerly Twitter) to celebrate, as macroeconomic headwinds in the global market pu shed XRP down to his previously predicted downside objective.
“Hey XRP trolls. Target reached. Profits taken.” Peter Brandt wrote on Friday.
Record $19.3 Billion Liquidated in Largest Market Sell-Off in History
The adjustment wiped out XRP positions worth $708 million in the last 24 hours. Over $615 million in liquidations came from long bets, while $92 million in late shorts also took a hit.
XRP is down more than 13% in the past 24 hours, with a market capitalization of $146 billion. This corresponds to a price of $2.44, which is a 78% increase from the low of $1.37 reached yesterday.
This mirrored a broader market trend, with a record $19.3 billion in trading positions liquidated over the previous 24 hours—marking the largest liquidation event in history.
