Lately, Altcoins have been under-performing Bitcoin. As Bitcoin halving has been a strong influence over the crypto markets, the trend in XRP has been particularly bearish since the beginning of this year. Since then, it has been forming lower lows with a baseline holding as support, forming a bearish descending triangle. Veteran trader and chart analyst, Peter Brandt 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 pic.twitter.com/yFYiW7IXt0
— Peter Brandt (@PeterLBrandt) May 6, 2020
Peter Brandt predicts Ripple price could fall as low as $ 0.000011
If the bag holders back away, look for a decline to $ 0.000011. The predictions seem obnoxiously exaggerated from $ 0.21 (0.000023 BTC) to $ 0.000011, but it clearly underlines his beliefs of doom.
XRP/BTC 1-Day chart Analysis
What’s more worrying for the investors is that the pattern resembles higher time-frames as well. XRP gained over 50,000% in 2017 reaching highs above $3. Its ‘bagholders’ are usually the people who bought the coins around the December 2017 highs and later in the first half of 2018.
On the weekly chart, $ 0.192 and $ 0.147 are likely to hold as support. However, the price has already dipped below the 2018 bear market, which is a fairly worrying signal. It will need to consolidate above $ 0.325 to build a bullish momentum.
XRP/USD 2-Week Chart on Bitstamp
Peter Brandt believes in the bright future of Bitcoin but considers XRP dead end
Brandt makes it clear that he is still bullish on Bitcoin and Ethereum. He calls these coins “the real deal” as opposed to XRP, which he actually considered to be a manipulated market.
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
Brandt never had an XRP friendly attitude. He even called XRP a scam. Even, as AZCoin News reported, Peter Brandt has lashed out at Ripple Inc Labs, saying XRP is worth nothing than being given out to the world for free. Peter, whose comments are held in high esteem by the cryptocurrency community, stylishly lashed XRP after a scammer posted a giveaway link of XRP on a post he shared on Twitter.
Giving XRP for free actually prices the coin for what it is worth
— Peter Brandt (@PeterLBrandt) April 13, 2020
XRP price is about to collapse
Somehow, XRP is actually trading a percentage point lower than it was at the end of April, although Bitcoin has increased by 10% since then.
This inefficiency has a leading cryptocurrency trader fearing XRP has a high chance of a retraction. The trader illustrated this in the chart below, showing that XRP is trading in a descending triangle in the textbook.
Descending triangles are marked by a series of lower highs a series of equal lows, then often, a strong break to the downside. In this case, should XRP’s descending triangle fail, the trader is charting a 15% drop to $ 0.177.
Source: Calmly | full-time trader (@im_calmly)
Read more:
- Ripple Now Part Of The ISO 20022 Standards Body, The First Member Focused On Distributed Ledger Technology
- Co-Founder Of Ripple Chris Larsen: XRP Was Created In Order To Be A Better Bitcoin