Peter Brandt, a seasoned proprietary trader with half a century of trading experience, recently made headlines with his stark forecast for XRP, particularly its performance against Bitcoin.
Peter Brandt is a seasoned trader with extensive experience in the commodities trading sector. He first gained recognition in the financial world through his work with commodities, but over the years, he has also become well-known as a forex and cryptocurrency trader. Brandt’s expertise is often showcased in his ability to analyze market patterns and trends, which he frequently shares through social media and various trading publications.
He is perhaps best known for his application of classical charting principles to trading, a methodology he has refined over decades in the markets. Brandt has authored a book that delves into these principles, providing insights into his strategies and thought processes. His forecasts and analyses, particularly regarding significant market movements in cryptocurrencies like Bitcoin, have earned him a considerable following among traders who value his seasoned perspective on market dynamics. Beyond trading, Brandt also contributes to the trading community by offering mentorship and educational resources, aiming to help others navigate the complexities of various financial markets.
Brandt’s analysis, shared on social media platform X, indicates a potential plummet for XRP to zero when compared to Bitcoin. This prediction hinges on a detailed examination of the XRP/BTC price chart over an extended period.
In his post, Brandt showcased a candlestick chart on a 1-week timeframe, which is a type of financial chart used to describe the price movements of an asset. Each “candlestick” typically represents one week of price data in this context, including the opening, closing, high, and low prices. The chart displayed a long-term downtrend for XRP when valued against Bitcoin, with recent months showing a steep decline in value.
The XRP/BTC ratio currently stands at 0.00000803, a dramatic fall of 81.44% from its January level of 0.00001457. This underperformance is notable, especially given that Bitcoin has surged by 49.47% vs. USD year-to-date, whereas XRP has dropped (vs. USD) 18.74% in the same period.
Source: TradingView
Brandt’s bleak outlook has not gone without critique from XRP supporters.
Possible. However, the other side of the coin is that it's at its support from many years, and it's the best time to buy.
— Satopapi Nakachulo (@ecuaman11) May 13, 2024
In 2017, Brandt referred to XRP derogatorily while pointing out its poor performance, only to see it surge by an astonishing 1,418% shortly after his comments, reaching an all-time high of $3.84.
You posted this 2 months before XRP outperformed most of the market in 2017.https://t.co/8i85yW1kB6
— Guy on the Earth (@guyontheearth) May 13, 2024
Despite this historical rally, Brandt remains skeptical of XRP’s prospects, particularly its performance relative to Bitcoin. He emphasized that his prediction of XRP approaching zero is specific to its Bitcoin comparative, not its value in USD. Brandt questioned the continued optimism among XRP supporters, noting the asset’s struggle to maintain significant value gains over the past years. According to his observations, XRP has rarely sustained levels above its current market position, finishing higher in just 6 out of the past 126 months.
Ppl so cocky about an asset class (XRP vs BTC) should have a little more performance on their pathetic side before being too critical
— Peter Brandt (@PeterLBrandt) May 13, 2024
Featured Image via Pixabay