Legend Peter Brandt said Ripple Labs has blown the wad allocated to support the XRP price
In a tweetstorm, legend trader Peter Brandt claims that Ripple Labs, the blockchain payments company that ‘discovered’ XRP and owns 60 percent of its total supply, is now giving up on it. The legendary trader assumes that Ripple has ‘blown the wad’ that was allocated to support the XRP above a critical support level.
He tweeted: Looks like Ripple Labs has blown the wad allocated to support XRPBTC at .00002060 to .0002075 levels. If ice-line cannot be reclaimed, look for new support at .0000194 on way to .0000145 Hey, I’m just a boomer who hates XRP, including XRP/BTC chart below.
Source: Twitter.
Peter Brandt noted that the XRP price dipped below 2,060 satoshis following Bitcoin’s latest rally to the $10,000 mark.
If the fourth-largest cryptocurrency fails to reclaim the aforementioned level, Brandt expects it to plunge all the way to 1,450 satoshis.
Back in May, with Bitcoin continuing to rise, Brandt believes XRP could decline to 1,100 sats. he tweeted:
I am a fan of simplicity in a chart. This chart tells me the bag holders (who need to dump > 40 Bil XRPs) are supporting $XRPBTC at .000023 to .000024 as a desperate last stand. Sellers more aggressive since Oct ’19 If the bag holders back away, look for decline to $.000011.
Simps & wannabes accuse me of being a hater. I’m not. I’m super bullish $BTC & $ETH
In 45 years as a career market speculator, I’ve come to discern the real deals from the possible scams
I’ve only attempted to warn people that $XRP is a manipulated market & a dead end pic.twitter.com/8G26XxrAOb
— Peter Brandt (@PeterLBrandt) May 7, 2020
In a followup to the above tweet, Mr. Brandt explained that he was super bullish on Bitcoin (BTC) and Ethereum (ETH). However, when it came to XRP, he warned that its market is manipulated and a dead end. The two tweets by Peter Brandt and the accompanying XRP/BTC charts can be found below.
You can check XRP price here.
Read more:
- Financial Institutions Need RippleNet’s On-Demand Liquidity Service To Provide Instant Global Payments
- Despite The Recent Recovery, Several Analysts Said XRP Price Is Primed To Move Lower In The Coming Weeks