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Elena R
Elena R
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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- May 13, 2024 12:14 UTC
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Is XRP About to Become Completely Worthless? Top Analyst Raises Alarm
Veteran trader Peter Brandt predicts XRP price against Bitcoin could be heading towards zero, pointing to a long-term downtrend.
XRP has significantly underperformed Bitcoin in recent times, despite a brief rally in 2017.
Brandt's analysis focuses on XRP's value relative to Bitcoin, not its USD price.
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.
What did he have to say, and most importantly, why? Here’s all to know.
Brandt’s Stark Prediction
Brandt doesn’t mince words: he suggests that XRP’s price could be headed for zero, indicating a concerning downward trend. Sharing a chart that pits XRP against Bitcoin, Brandt highlights a worrying figure: 0.0000084 BTC, its lowest point in recent times.
Digging deeper, Brandt points out XRP’s consistent underperformance. Out of the past 126 months, it has managed to surpass its current levels only six times. This revelation comes amidst a market where Bitcoin and other altcoins loom large.
Clashing Views: XRP’s Defenders Speak Up
While Brandt’s stance raises eyebrows, defenders of XRP aren’t shy about voicing their support. One commenter on Peter’s post highlights XRP’s stellar 2017 performance, contrasting it with Brandt’s historical charts. However, Brandt remains steadfast, underscoring XRP’s significant loss in value since November 2017.
The numbers tell a sobering tale: the XRP/BTC ratio currently sits at 0.00000803, marking an 81.44% drop from its January peak. In contrast, Bitcoin has surged against the USD, while XRP has witnessed a significant decline. Presently, XRP trades at $0.5071.
Brandt Stands Firm
Brandt’s skepticism towards XRP’s growth remains firm, as he emphasizes that his prediction of XRP nearing zero is in comparison to Bitcoin. Renowned for his ability to analyze market patterns, Brandt’s insights carry weight among traders navigating the unpredictable world of cryptocurrency.
As differing opinions clash and ratios plummet, the future of XRP remains uncertain, leaving traders on edge.
Also Check Out : Ripple vs. SEC: XRP Price Hits New Lows Amid Legal Uncertainty
Do you agree with Brandt’s assessment, or is XRP poised for a comeback? Share your thoughts.
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