Experienced trader Peter Brandt has shared a bleak prediction for XRP/BTC trends. Brandt warned on social media that the price of XRP against Bitcoin (BTC) could fall to zero based on classic chart principles.
Is an XRP Price Reversal Imminent?
Peter Brandt has expressed his concerns about XRP’s performance compared to its more well-known peer, Bitcoin.
In a recent X post, Brandt said XRP’s chart pattern depicts a downward trend, possibly towards zero. He captioned a chart showing XRP’s price relative to Bitcoin, which is currently hovering at 0.0000084 BTC — its lowest level in recent months.
Brandt’s analysis calls into question the bullish sentiment surrounding XRP, especially when compared to Bitcoin. He argues that XRP has only closed above its current level in six of the past 126 months, meaning XRP will continue to underperform over the long term.
It's really interesting to poke XRP_aholics. My comparison is to BTC, not USD, so this is what I don't understand. Why are XRP bulls so adamant that XRP is close to ATL relative to BTC, when in fact only 6 of the past 126 months have closed above current levels? https://t.co/jWFk1m139F
— Peter Brandt (@PeterLBrandt) May 13, 2024
At press time, XRP is trading at $0.4992, down 1.5% on the day. The 4.4% drop over the past seven days exacerbates the nominal decline, highlighting the token’s underperformance and what Brandt called its ambiguous future.
The veteran trader acknowledged that XRP has the potential to outperform BTC in the future, but insisted that the burden of proof lies with XRP, not the flagship cryptocurrency. Brandt believes that investors turning to altcoins can undoubtedly find more profitable opportunities than XRP.
Still, despite Ripple’s lengthy court battle with the U.S. Securities and Exchange Commission (SEC), XRP has shown tremendous resilience, maintaining its position as the leader among the top 10 cryptocurrencies by market cap. XRP is currently the seventh most valuable cryptocurrency with a market cap of approximately $27.6 billion.
Ripple and SEC litigation update
San Francisco-based blockchain company Ripple recently challenged the SEC’s request for a $2 billion fine to resolve institutional sales violations, insisting the fine should not exceed $10 million.
The latest development is that Ripple has formally requested the U.S. District Court for the Southern District of New York to seal some documents related to the SEC’s judgment and remedial motion.
The fintech company wants the documents hidden from the public because they contain “highly sensitive and confidential material, including copies of Ripple’s audited financial statements and documents containing information about Ripple’s ongoing business relationships.” Ripple claims that disclosure of these remedial materials would cause “significant harm” to its business interests.
Still, it remains to be seen whether XRP will plummet to zero against its Bitcoin pairing or soar to new all-time highs.
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