The post XRP Price Could Hit Zero, Veteran Trader Peter Brandt Warns appeared first on Coinpedia Fintech News
Veteran trader Peter Brandt, with 50 years of trading experience, has recently taken to X, breaking the bubble of optimism surrounding XRP’s price, particularly over its performance against Bitcoin.
Peter Predicts XRP’s Way Down To Zero
From a pure classical charting point of view (that is, Schabacker, Edwards, Magee) this chart looks like it is headed toward Zero $XRPBTC pic.twitter.com/p5l1Kv4uim
— Peter Brandt (@PeterLBrandt) May 12, 2024
He has offered an assessment of XRP’s price about Bitcoin and predicts that the XRP’s price trajectory is potentially heading towards zero, showcasing a downward price trajectory. The chart shared by Brandt places XRP’s price against Bitcoin currently at 0.0000084 BTC, its lowest in recent times.
He also points out that XRP has closed higher than its current levels in just six of the last 126 months, underscoring its underperformance over a very long period. Brandt’s comments come at a time when XRP is sailing through the market dominated by Bitcoin and other altcoins.
Critics Back XRP With Its Historic Rallies
The critics, however, have backed XRP. A user commented on Peter’s post claiming that XRP had outperformed most of the market in 2017, just two months after Peter had posted a similar chart on XRP showing a negative trajectory for XRP. Peter further replied that XRP has lost 70% of its value since November 2017 and urged them to check the prices.
You posted this 2 months before XRP outperformed most of the market in 2017.https://t.co/8i85yW1kB6
— Guy on the Earth (@guyontheearth) May 13, 2024
The XRP/BTC ratio currently stands at 0.00000803, a startling fall of 81.44% from the January level of 0.00001457. On the contrary, Bitcoin has surged by 49.47% against USD year-to-date, while XRP has dropped 18.74% against USD in the same time frame. As of writing, XRP is currently trading at $0.5071.
Despite XRP’s rally in the past, Brandt is quite doubtful of its growth prospects and has stressed that his prediction of XRP approaching zero is in comparison to Bitcoin and not its value in USD.
Peter Brandt’s expertise is in analyzing market patterns and trends. His analysis and forecasts concerning the significant market movements in cryptocurrencies like Bitcoin have earned him a following in social media accounts from traders who follow his experienced insights on market dynamics.
