Morning Crypto Report: Could XRP Hit $126? Unusual Glitch Sparks Price Speculation, Bitcoin Target Set at $25K

The cryptocurrency market is facing considerable challenges as the work week comes to a close. An unusual glitch involving XRP sparked conversations about a bizarre $126 price point during a live CNBC broadcast; seasoned trader Peter Brandt predicts Bitcoin may drop to $25,000, and a significant unlock of Shiba Inu (SHIB) tokens has occurred despite notable outflows.

Key Takeaways

XRP's price briefly appeared at an incorrect $126 on CNBC due to a glitch, stirring speculation among its community.
Bitcoin is at risk of a drop to $25,000, according to trader Peter Brandt, following a breakdown of its previous price structure.
Nearly 41.13 billion SHIB tokens were unlocked by OKX, reflecting increasing activity amidst a price decline.

The cryptocurrency landscape is undergoing significant turbulence as we approach the weekend. A pricing glitch aired on CNBC mistakenly listed XRP at an astronomical $126—a staggering 6,532% above its actual value. This error, caused by Solana's price mistakenly being displayed for XRP, quickly captured the attention of onlookers and sparked renewed interest in "ghost prints" within the XRP community.

As a result of the glitch, screenshots showing XRP at $126—up $124.32—went viral, despite the actual price for XRP falling nearly 15% to around $1.76 after reaching lows of $1.60 from broader market liquidations.

Source: CNBC

The surprising mix-up revived discussions around the "three-digit XRP" conjecture that has circulated in the XRP community. Members speculated whether the glitch was a simple mistake or something deeper. This incident coincided with XRP's price breaking lower, triggering significant liquidations for overleveraged positions.

Peter Brandt, a veteran trader, has re-evaluated his view on Bitcoin's future, suggesting a potential decline to around $25,000 following a breakdown from its previous parabolic price structure. He mentioned that breaking this parabola could theoretically bring Bitcoin down to the $25K mark but acknowledged that prices in the $50,000 range wouldn't be surprising, predicting a sideways movement until late summer.

This week, Bitcoin fell below the key support level of $84,000-$86,000, hitting lows around $81,000. This sharp decline is driven by extreme market uncertainties, including the potential for a U.S. government shutdown and today's expiration of $8.8 billion in options, both contributing to volatility.

Source: Peter Brandt

Brandt's analysis indicates significant resistance levels at $102,233 and failed support around $98,944, with a midrange consolidation zone between $92,000 and $95,000. His worst-case scenario for Bitcoin stands at $63,254.79, driven by anticipated failure of diagonal support dating back to mid-2025. Brandt candidly acknowledged that he is often wrong in his predictions but still carries a respected history of accurately forecasting Bitcoin price movements.

In another notable market activity, OKX transferred a massive 41,128,246,331 SHIB from a cold wallet to a hot wallet, valued at approximately $296,530 at current prices. This transaction signals an increase in Shiba Inu's wallet activities as it faces a declining price trend. SHIB has recently dipped below $0.00000750, approaching a crucial support level at $0.00000699.

Earlier this week, Binance also moved tokens from cold storage, hinting at a possible market reshuffling or preparation for liquidity adjustments. The current market sentiment is low, leading to nervousness among SHIB holders.

Source: Arkham

Currently, SHIB’s price trajectory appears uncertain, remaining nearly 32% below the 200-day moving average of $0.00001018, as a recovery seems unlikely without significant trading changes or unexpected market events in February. Opinions are mixed regarding the recent unlock—while some believe it signals impending selling, others view it as routine operational adjustments. However, in a volatile market, even ordinary rebalances can spark panic.

The looming expiration of $8.8 billion in options today may create more market volatility, depending on the settlement outcomes and hedging activities. With substantial risks, February is starting amidst prevalent fear and uncertainty, and a clear market direction remains elusive.