Seasoned trader Peter Brandt has shared a chilly forecast on the direction of XRP/BTC. Brandt took to social media to warn that the price of XRP could drop to zero against Bitcoin (BTC) based on classical charting principles.
Is An XRP Price Reversal Imminent?
Peter Brandt has voiced his concerns regarding XRP’s performance in comparison to its more prominent peer, Bitcoin.
In a recent X post, Brandt suggests that XRP’s chart pattern depicts a downswing, potentially toward zero. He captioned a chart that shows XRP’s price against Bitcoin, currently hovering at 0.0000084 BTC — its lowest level in recent months.
Brandt’s analysis casts doubt on the optimism surrounding XRP, particularly when compared to Bitcoin. In his view, XRP has closed higher than its present levels in only six out of the last 126 months, implying a protracted period of laggard performance.
XRP was trading for $0.4992 as of publication time, a 1.5% drop on the day. This nominal fall is exacerbated by the 4.4% decline over the past seven days, underscoring the token’s underperformance and murky future that Brandt speaks of.
The veteran trader acknowledges the likelihood of XRP outshining BTC in the future but insists that the burden of proof lies with XRP, not the flagship crypto. Brandt believes investors diverting to altcoins could undoubtedly find more lucrative opportunities than XRP.
Nonetheless, XRP has displayed tremendous resilience, holding its position among the top 10 largest cryptocurrencies by market cap despite Ripple’s lengthy court battle with the Securities and Exchange Commission (SEC). XRP is presently the seventh most valuable cryptocurrency, with a market cap of around $27.6 billion.
Ripple vs. SEC Lawsuit Update
San Francisco-based blockchain company Ripple recently contested the SEC’s demand for a $2 billion fine to settle institutional sales violations, maintaining that the penalty should not surpass $10 million.
In the latest development, Ripple has formally requested the United States District Court for the Southern District of New York to seal some documents connected with the SEC’s motion for judgment and remedies.
The fintech company wants these documents hidden from the public as 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 the revelation of these remedies materials would cause “significant harm” to its business interests.
Be that as it may, whether XRP will plummet to zero in its Bitcoin pairing or rocket to new all-time highs remains to be seen.
