Peter Brandt, a trader with over 30 years experience in the markets, has predicted that the bottom could fall out from under XRP. Brandt had previously made a vow not to post charting commentary on the asset because of constant harassment from the community, but today he made an exception.
Not Out of the Woods Yet
Peter Brandt has had a rocky relationship with the XRP community on Twitter recently. Last month, the trading veteran predicted that the Ripple asset could fall 25% to under $0.20, which received heavy criticism from the project’s loyal following. It turns out Brandt’s analysis was completely accurate, and the token’s price later unravelled to $0.16 a few days after.
As a result of the backlash he endured he publicly announced that he would no longer post XRP charts.
I periodically volunteer comments on various charts.
The rudeness and immaturity of XRP fans (crypto fans in general) is insulting and lacks civility
In the futures I will limit crypo charts to another social media group that actually seeks to learn
— Peter Brandt (@PeterLBrandt) February 20, 2020
Now, it seems he has changed his mind. Today, Brandt posted a new chart warning XRP investors that their cherished coin could fall even further. He did, however, refrain from predicting a particular level – only mentioning that there’s plenty of ‘space below’.
I am breaking a promise.
I said I would never again post a chart of $XRP
But, I thought you all might be interested in what it means to have …
"While space below" pic.twitter.com/Pse2DkEXfp
— Peter Brandt (@PeterLBrandt) March 12, 2020
Almost every XRP investor since 2017 is underwater
Another way to look at is that almost everyone who has bought XRP since May 2017 has a loss. Now, that is impressive performance.
— Peter Brandt (@PeterLBrandt) March 12, 2020
Ripple CEO, Brad Garlinghouse recently came under fire for publicly admitting that Ripple would not be profitable if not for the company’s constant sales of XRP.
Members of the XRP community have already filed a class action lawsuit against Ripple for selling the tokens in an unregistered securities offering. They have even gone so far as to create a petition to stop Ripple from dumping XRP, on change.org, and have threatened a hardfork.
Brandt’s observation that almost every XRP investor since 2017 is underwater on their investment should be an eye opener to holders, especially after the community leader Hayden, left the project, and sold her tokens.
Do you think XRP has more downside action to come? Let us know your thoughts in the comments!
Images via Shutterstock, Twitter @PeterLBrandt origin »
Peter Brandt is one of the most popular Bitcoin analysts on Twitter. In the last 24 hours Brandt has made a bullish case for BTC, which counters many who thought the market would slump because of Chinese New Year.
Bitcoin’s inability to make a new 2019 over the last couple of months has made many traders uneasy. Some are even calling for a severe drop from $10,000 to $7,000 as the number one cryptocurrency paints a familiar bearish structure.
Bitcoin’s market valuation has already made some surprising moves in 2019, outperforming both the NASDAQ Composite and S&P 500 (on a YTD basis) by a wide margin. However, an inability to hold support at key technical regions would suggest this year’s bull trend hasn’t yet been validated.
Forty-year trading veteran Peter Brandt made the headlines earlier this month when he stated that a violation of the “parabolic phase” that started in December 2018 could ignite an 80 percent correction of the entire parabolic advance.
The interesting progress made by the cryptocurrency market since April has come to a rather discouraging break. The market led by Bitcoin has been on a pretty sharp decline from the promising moves in the last 24 hours.
Crypto News – 29 May – Kin Foundation launches ‘DefendCrypto’ campaign, Peter Brandt questions Kraken and more Don’t forget to follow us for our daily videos#DefendCrypto #bitcoin #Kraken @PeterLBrandt @Travis_Kling #cryptonews #cryptocurrency pic.
Peter Brandt famously predicted last year’s Bitcoin and crypto price plunge before it happened. In his January 2018 tweet, he warned traders about the imminent crash: In his yesterday’s tweets, he gave a short analysis of XLM and XRP price actions, calling XLM “bascially worthless” This chart is in contradiction with the price forecasts made […]
The post Famous trader on Twitter: Stellar (XLM) is “basically worthless” while Ripple’s XRP is getting ready for a big move appeared first on CaptainAltcoin.
While bears continue to tighten their grip, the primary story is no longer about price charts. Market players now want to know where funds are moving. This has been among the key indicators for detecting potential sentiment shifts amid broader market uncertainty.
The cryptocurrency market recovery has stalled over the past few hours, with Bitcoin failing to overcome the $93k resistance level. Ripple (XRP) is trading under pressure at press time and risks dropping below the $2 psychological level if the bearish trend persists.
Cryptocurrencies remained downbeat on Friday, December 5, with sentiment deteriorating across leading assets. Meanwhile, the latest ETF flow stats confirm this weakness, with Bitcoin and Ethereum exchange-traded products struggling as new products attracted fresh funds.
Ripple (XRP) seems to have lost steam after recording gains over the past two days. The second-largest altcoin by market cap is trading at around $2. 17, with the bulls pushing to regain control of the trend.
Bitcoin traded just above $93,416 on Thursday as expectations mounted that the US Federal Reserve would cut interest rates next week. During the morning session, the cryptocurrency dipped to $92,612 before climbing to an intraday high of $94,002, reflecting renewed momentum after several weeks of turbulence.
