Renowned trader Peter Brandt, who boasts an impressive 50 years of experience, has made a bold statement about the future of XRP. According to Brandt, XRP is headed towards zero, especially when compared to Bitcoin.
Brandt recently shared a graph on X that showcases the price of XRP in relation to Bitcoin. The graph, which focuses on the 1-week timeframe, clearly illustrates a downtrend for XRP over the years, with more significant declines in recent months. Essentially, the chart shows that XRP is not performing as well as Bitcoin.
This chart is further supported by the fact that Bitcoin has seen a 43% increase in value year-to-date, despite recent bearish performance. On the other hand, XRP has lost over 20% of its value during the same period.
The current value of XRP/BTC is 0.00000808, which is a decrease of over 44% from 0.00001457 in January. Based on XRP’s underperformance compared to Bitcoin, Brandt confidently believes that the XRP/BTC chart is on a path towards zero.
Unsurprisingly, this bold prediction has unsettled XRP enthusiasts, who disagree with Brandt’s assessment. They argue that XRP is currently at a support level, suggesting that a significant recovery could be on the horizon.
Interestingly, one commenter pointed out that Brandt made similar claims in the past. They recalled Brandt’s remarks from November 26, 2017, when he shared a similar XRP/BTC chart highlighting XRP’s poor performance. At that time, XRP was trading at $0.2529. Contrary to Brandt’s bearish stance, XRP experienced a massive surge shortly after, skyrocketing by 1,418% to reach an all-time high of $3.84. This sudden and aggressive movement occurred less than two months after Brandt’s remark.
Optimistic members of the XRP community believe that history could repeat itself in the current bull market, where XRP is currently underperforming.
In a clarifying update, Brandt emphasized that his prediction of XRP approaching zero was specific to its performance against Bitcoin, not its value in USD. He questioned why XRP advocates remain steadfast despite the asset nearing all-time lows.
In contrast, Bitcoin has recently reached a new all-time high. Brandt also pointed out that XRP has only closed above its current levels in 6 out of the past 126 months, further questioning the optimism of XRP bulls.
It’s important to note that this article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to conduct their own research before making any investment decisions, as The Crypto Basic is not responsible for any financial losses incurred.