XRP is hovering around the $3 mark, but the situation in the cryptocurrency market is intensifying. Bitcoin has slipped below $109,000, and economist Peter Schiff warns of a potential drop to $75,000.
Schiff's Warning on Bitcoin
Peter Schiff, one of Bitcoin's most vocal critics, has once again sounded the alarm on risks for the cryptocurrency. In his latest remarks, he stated that Bitcoin could fall to $75,000 after dropping below $109,000, representing a 13% decline from its recent high. Schiff points out that such sharp pullbacks raise questions about market stability, which will likely impact XRP and other altcoins.
Political Uncertainty in the U.S. and Market Impact
The unpredictable political landscape in the U.S. exacerbates the current uncertainty. President Trump's removal of Federal Reserve Governor Lisa Cook has raised questions about central bank independence ahead of a possible rate cut in September. While stocks are gradually rising, cryptocurrency markets are more sensitive to Federal Reserve-related events, meaning any unexpected twist could affect XRP prices.
Short-Term Outlook for XRP
At the moment, XRP price is hovering just above $3.00, consolidating after its July rally. The chart shows that the Bollinger Bands are tightening, indicating decreased volatility, with a resistance level at $3.08. If Bitcoin continues to slide, XRP price could break below its $2.80–$3.00 support zone, potentially opening the door to deeper retracements around $2.50. Conversely, bulls would need a breakout above $3.35 to test the $3.80 mark again.
Thus, XRP's short-term forecasts heavily depend on Bitcoin's behavior. If BTC can hold above $100,000, XRP may recover and strengthen. Otherwise, as Schiff expects, a drop in Bitcoin will likely drag XRP below the $3.00 mark.
