Peter Brandt Pokes XRP Community With Bearish Price Prediction

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As a seasoned crypto investor with over a decade of experience in the market, I find myself intrigued by Peter Brandt’s latest XRP price forecast. Having closely followed the Ripple-SEC case and experienced numerous market fluctuations, I can’t help but feel a mix of amusement and caution. Brandt’s playful jab at Ripple with his “RIP PPL OFF” remark is reminiscent of the early days when crypto was still considered a wild west, filled with such colorful characters.

Peter Brandt, a trader of commodities and foreign exchange, has ignited discussions within the XRP community by sharing his latest forecast for the digital currency linked to Ripple. This follows on from the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) and the recent decline in price.

Peter Brandt XRP Price Forecast, Community Reaction

To start off his X post, the renowned trader playfully mocked Ripple, suggesting that its official title was a humorous way to say “DRIP YOUR MONEY AWAY.

Afterwards, Brandt expressed his belief that the price of XRP will maintain around $0.034 in the future. He presented a historical chart as evidence for this prediction, which has sparked discussion among his followers. The majority of them appear to agree with his perspective on XRP’s value.

One user asserts that purchasing XRP benefits Brad Garlinghouse, CEO of Ripple, while another user feels Brant’s prediction of $0.034 for XRP is overly generous, suggesting a price of $0 could be more accurate. Some X users think the ultimate determinant of XRP’s price movement will be time, as only future events can reveal whether the coin will continue to fall or hold steady at Brant’s projected level.

Although Brandt’s backers endorse his assertions, a leading figure in XRP advocacy sees the SEC’s appeal as strengthening the coin’s allure. Consequently, they remain hopeful for future price increases.

This afternoon, the value of the coin decreased by 15%, deviating from the anticipated “Uptober” increase. At the moment of writing, XRP is being traded at $0.5261, which represents a drop of 7.88% over the last day. Interestingly, its trading volume has significantly increased by 38.96% during this timeframe.

It implies that investors remain dedicated to the cryptocurrency, despite its current struggles.

The SEC Appeal in Ripple Lawsuit Changes it All

The U.S. Securities and Exchange Commission (SEC) has opted to contest Judge Analisa Torres’s verdict in the Ripple lawsuit. To do this, they submitted an appeal to the Court of Appeals for the District of Columbia on September 30th, four days before the October 7th deadline. The SEC aims to question certain elements of the July 13, 2023 ruling.

Initially, when Judge Torres ordered Ripple to pay a $125 million penalty in its legal dispute with the U.S. Securities and Exchange Commission (SEC), many onlookers assumed it marked the end of the matter. However, recent developments have indicated that this may not be the case, potentially altering the entire dynamic of the situation.

The recent decline in XRP‘s price could potentially be linked to the ongoing SEC appeal. However, even though there might be a momentary dip, several crypto lawyers remain optimistic that the SEC’s appeal will not succeed.

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2024-10-03 23:26