XRP Price Appears to Be Heading for Zero, Says Peter Brandt

Renowned trader Peter Brandt, with extensive experience in the cryptocurrency market, recently shared his pessimistic view on the future of XRP relative to Bitcoin (BTC). Through a post to his more than 728 thousand followers on the social network X, Brandt suggested that the XRP/BTC pair could reach new historic lows.

According to him, classic chart analysis indicates a worrying trend for XRP when compared to BTC. “From a purely classical charting point of view (i.e. Schabacker, Edwards, Magee), this chart appears to be heading towards zero…” commented Brandt, highlighting the severity of the situation.

Furthermore, Brandt provoked the fervent community of XRP supporters, questioning excessive reliance on the asset. “It’s actually fun to poke XRP_aholics. My comparison is to BTC, not USD, so here’s what I don’t understand. How can XRP bulls be so insistent that XRP is close to ATLs versus BTC and in fact has only closed above current levels in six of the last 126 months? People so arrogant about an asset class (XRP vs BTC) should have a little more play on their pathetic side before being too critical.”

It is actually fun poking a stick at XRP_aholics. My comparison is to BTC, not USD, so here is what I don’t understand. How can XRP bulls be so insistent in that XRP is near ATLs vs BTC, and, in fact, has only closed higher than present levels in 6 of the last 126 months? https://t.co/jWFk1m139F

— Peter Brandt (@PeterLBrandt) May 13, 2024

Despite this critical view, Brandt does not completely rule out XRP’s recovery potential. He recognizes that the payments altcoin may have more room for appreciation than BTC in the current market cycle, but reinforces that the responsibility to prove this potential lies with XRP. “Very possible. But the burden of proof is on XRP, not BTC. And if the play is now with alts, why not something other than XRP?”

Brandt has maintained his cautious stance on the XRP/BTC pair since at least 2017. At the time of publication, the price of XRP was priced at $0.5047 with a drop of 0.5% in the last 24 hours.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.