February 6 News, the cryptocurrency market continues to weaken, with XRP leading mainstream digital assets lower on Friday, dropping about 10% in 24 hours and briefly falling below $1.30, hitting a new low since November 2024. Market sentiment has turned cautious, driven by veteran trader Peter Brandt’s latest prediction on social media, indicating that Bitcoin may still have room to decline to the $42,000 range.
Currently, Bitcoin has repeatedly fallen below the critical $60,000 level, with short-term pressure clearly evident. Brandt describes the current trend as a “banana peel-style correction,” meaning the price drops suddenly and rapidly, catching traders off guard. He believes that $42,000 could serve as a medium-term support zone; if this level is broken, it will put greater pressure on the entire crypto asset market.
Influenced by Bitcoin’s weakness, most mainstream tokens are also declining. Ethereum has fallen to around $1,700, while SOL, DOGE, and ADA have all experienced varying degrees of correction. XRP was the first to break below a key psychological level. On the capital side, there is also a defensive tendency, with recent net outflows from US Bitcoin ETFs and Ethereum ETFs, while XRP and SOL-related products have seen small net inflows, indicating some funds are attempting to position at relatively low levels.
From a technical perspective, XRP’s momentum indicators continue to decline. The MACD histogram is below the zero line, with bearish forces still dominant; RSI is approaching oversold territory, suggesting a short-term technical rebound is possible. However, if the price falls below the $1.20 support level, it may test the $1.10 zone below. Conversely, if the bulls regain the $1.40 level, it could alleviate the current downward pressure.
Until Bitcoin’s trend stabilizes, market volatility is likely to remain high. Investors are closely monitoring macro liquidity changes and on-chain capital flows to determine whether this correction will develop into a deeper adjustment cycle.
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