Trading veteran Peter Brandt: The XRP token as a manipulated scam

A veteran trader with 40 years of experience Peter Brandt has long been unimpressed with XRP. Recently, he suggested that using the XRP of the cryptocurrency market is like a manipulated scam.

Peter Brandt went on to claim that XRP is no different from manipulated scam

And of course, the manipulator here is none other than Ripple Labs – the blockchain company owns 60% of the XRP supply. They are alleged to have pulled all the strings since introducing the token.

Earlier this month, Brandt mentioned that it would only be a matter of time before the XPR price will drop to near zero. He calls XRP manipulated market, which will eventually reach a dead end.

On June 11, Brandt also realized that XRP had lost a critical support level at $ 0.22218, and it could drop to $ 0.14007 as soon as people started selling XRP. Brandt is reasonably sure that the XRP price will drop to $ 0.187, the lowest level in more than two and a half years.

Furthermore, as AZCoin News reported, Messari found that XRP’s cost base is about to 86% lower than its price. During the peak of the cryptocurrency market in late 2017 and the first few weeks of 2018, XRP was able to soar to $ 3.80. However, its rise to a high is short-lived, as this is where it finds excellent resistance that makes it begin to go down for years, eventually leading to a low in the area below $ 0.10. in March.

Much of the rise in XRP is rooted in speculation that Ripple’s xRapid payment solution will attract a large amount of investment in XRP. However, Investors have not seen too much remarkable progress on this front. This has led to an XRP sell-off or withdrawal from investing in the fourth largest cryptocurrency in this market.

Messari researcher Ryan Watkins said:

“While not a lot of Bitcoin traded near Bitcoin’s all-time high, the same can’t be said for XRP. Despite XRP having only closed above $ 1.00 on just 2.1% of its trading days, XRP’s aggregate estimated cost basis is $ 1.38. This suggests most XRP Investors are deeply in the red.”


Source: Messari

Brandt has been critical of XRP ever

In February 2020, Brandt criticized XRP fans for their ‘rudeness and immaturity,’ but he admits that it’s fun to see replies from ‘XRP_OCDs.’ However, don’t expect Brandt to tweet about Bitcoin more than one a few times a year for rude trolls.

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