As an analyst with over three decades of trading experience under my belt, I find myself intrigued by Peter Brandt’s latest prediction regarding XRP. Given his stellar track record in commodity markets, it’s hard not to take notice when he applies his keen eye to the crypto world.
Peter Brandt, one of the most highly reputed commodity traders, has predicted that the price of the Ripple-affiliated XRP cryptocurrency is going to plunge to zero against Bitcoin.
His doom-laden forecast is based on a head-and-shoulders (H&S) pattern that spans 11 years.
The 77-year-old chartist has warned that the completion of this pattern could render the XRP price virtually worthless.
XRP is currently trading at 0.00000861 BTC on the Bitstamp exchange.
As a crypto investor, I’ve come across predictions that this token could maintain a value around 3 cents in US terms, as per Brandt’s forecast.
Based on information from CoinGecko, the current trading price of XRP stands at approximately $0.52. This is a decrease of around 11% compared to its value over the last 24 hours. The cryptocurrency has suffered significant losses due to the SEC’s decision to appeal.
Brandt playfully quipped that Ripple is essentially a more formal version of “Rip Off People,” given the current situation the company finds itself in.
According to a report from U.Today, Ripple’s CEO, Brad Garlinghouse, found the situation “frustrating,” yet he emphasized that the company remains resolute in its efforts to carry on the battle.
Brandt has always been vocal about his aversion toward the O.G. (“original gangster”) altcoin.
The prominent commodity trader also mentioned the “multi-year complex” H&S pattern in August, predicting that the XRP community will “slowly disappear to never be seen again” if the pattern in question ends up playing out.
Months prior to the SEC’s appeal, Brandt expressed his viewpoint that XRP ought to be regarded as an investment security, stating, “XRP will ultimately be considered a security.
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2024-10-03 19:24