Veteran trader Peter Brandt, boasting over five decades of experience, sparked a debate on X with his analysis of XRP’s performance against Bitcoin (BTC). Brandt, a staunch advocate for technical analysis, expressed a concerning view regarding the XRP price trajectory.
While many are predicting a bullish future for XRP, Brandt believes the future is bleak for the popular digital asset, predicting that XRP against the Bitcoin (BTC) pair is headed toward $0.
He shared a chart depicting a downtrend in the XRP/BTC ratio, highlighting its nadir at a meager 0.00000814 BTC. Looking at Brandt’s chart, it might be difficult for novice traders to make a case for XRP.
Read Also: SEC vs. Ripple: 3 Reasons Why Judge Torres Will Address XRP Secondary Market Trading
XRP’s underwhelming performance has discouraged many market participants. In February 2024, a prominent community figure called on Ripple to do something quickly.
Top Analyst Counters Brandt
As expected, Brandt’s analysis ignited a firestorm of comments. A prominent XRP analyst EGRAG CRYPTO emerged as a key voice.
The analyst, who based his XRP bullish predictions on technical analysis, replied to Brandt’s comments, saying, “Remember this Chart because it will be a meme.”
Remember this Chart because it will be a meme 😂@PeterLBrandt https://t.co/XxNYZ2O73p
— EGRAG CRYPTO (@egragcrypto) May 13, 2024
A Look at XRP’s History
XRP’s historical price movements support EGRAG CRYPTO’s arguments. Notably, the cryptocurrency’s meteoric rise in 2017, which sent XRP to its all-time high is often emphasized by analysts. Although past performances are not always proportional to future prices, XRP has shown its massive potential for growth.
Another prominent analyst recently highlighted XRP’s massive growth potential, predicting it might climb 65,000% soon to recreate its 2017 bullish performance.
The Current Landscape
The current state of the XRP/BTC ratio paints a picture of decline. As of today, the ratio sits around 0.000008, reflecting a staggering depreciation of over 80% from its January peak.
In contrast, Bitcoin has exhibited significant growth against the US dollar (USD), further accentuating XRP’s comparative weakness. At the time of press, the digital token is trading at $0.5066, up 3% over the last 24 hours. However, lingering around the $0.5 level has sparked concern among investors.
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Read Also: Veteran Trader Brandt Points Up Impressive XRP Price Surge, Takes a Dig at SEC Chair Gensler
Is XRP Going to $0
The clashing perspectives of Brandt and EGRAG CRYPTO highlight the uncertainty surrounding XRP’s future trajectory. However, many of the replies to Brandt’s comments are on EGRAG CRYPTO’s side.
Despite the declining XRP/BTC ratio and XRP’s historical underperformance against Bitcoin, analysts believe XRP has a bright future. EGRAG CRYPTO also recently showed how XRP could reach $33. The fact remains that the confidence in the digital asset among XRP community members is unrivaled.
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