Peter Brandt, a well-known commodity and forex trader, has stirred the XRP community with his latest prediction, warning that XRP’s value could plummet to $0.034 in the long run. As Ripple continues its legal battle with the U.S. SEC, Brandt shared a historic price chart to support his bearish outlook.
In August, Brandt highlighted a “multi-year complex” head and shoulders (H&S) pattern forming in XRP’s price. He warned that if this pattern plays out, the XRP community could “disappear, never to be seen again.” Back in May, Brandt also predicted that XRP would eventually be classified as a security, months before the SEC’s current appeal. His views have remained consistently bearish.
Brace yourselves for his insights ahead!
Brandt didn’t just stop at his prediction. In a post on X (formerly Twitter), he referred to Ripple as “RIP PPL OFF,” sparking plenty of reactions. Some of his followers agreed, even suggesting XRP could drop to zero, while others took a more cautious view, saying only time will tell what happens. Despite this, many in the XRP community remain hopeful and dismiss Brandt’s outlook as overly negative.
Despite the gloomy forecast, many loyal XRP supporters are still optimistic. They believe Ripple’s legal battle with the SEC could end in favor of XRP, helping its price recover. Even though the token has dropped 15% recently, now trading at $0.5261, trading volume is up by nearly 39%, showing that investors are still backing XRP.
The SEC’s recent appeal, filed just before the October 7 deadline, has added more pressure on XRP’s price. The regulator is challenging parts of Judge Analisa Torres’ July 2023 ruling, creating more uncertainty in the market. However, many legal experts think the SEC has a low chance of winning, with some arguing that Ripple’s case is strong and could lead to a positive outcome for XRP in the long term.
In addition, the XRP community is feeling both resilient and fearful in response to Peter Brandt’s analysis. While some investors are holding tight in anticipation of more price declines, others are placing bets on Ripple’s continued legal battle victories.
Only time will tell if Brandt’s prediction comes true or if Ripple will fare better under SEC scrutiny as XRP continues to navigate these crazy times.
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