I noticed that XRP continued to slide strongly this week. The price broke important support levels and fell below $1.79, the lowest level since October of last year. The situation is worse — exchange-traded funds experienced massive outflows, and investors withdrew more than $92 million last Thursday.

Interestingly, David Portnoy, owner of Barstool Sports, is still buying the dip. He said in a Friday broadcast that he added $1 million worth of XRP and $500,000 worth of Bitcoin. He cites Warren Buffett and says there’s blood in the streets and an opportunity coming. But is this really wise?

The problem is that the market overall is very weak. Bitcoin’s price in dollars has dropped from $99,000 to around $77,000 currently, and Ethereum has collapsed below $2,500. The total market capitalization has fallen to $2.8 trillion. Most of the outflows started after Kevin Warsh was appointed to the Federal Reserve — a man known for his negative stance on digital currencies.

From a technical perspective, the outlook is bleak. XRP is below all major moving averages and targets $1.59 as the next support level. If that breaks, you could see $1.00. Bitcoin’s price in dollars and other cryptocurrencies are moving with the same downward momentum.

Portnoy is betting on a reversal soon, but data suggests the decline could continue a bit longer. Investors are losing confidence and momentum — which usually means the worst is yet to come. Buying the dip is bold, but risky in this environment. Bitcoin’s price in dollars remains under pressure, and altcoins are following.