Peter Brandt Predicts XRP Could Fall as Low as $0.000011

By Nivesh Rustgi
Published May 7, 2020 Updated May 7, 2020
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Peter Brandt Predicts XRP Could Fall as Low as $0.000011

By Nivesh Rustgi
Published May 7, 2020 Updated May 7, 2020
 Lately, altcoins have been under-performing w.r.t. Bitcoin [BTC]. 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

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The predicts seem obnoxiously exaggerated from $0.21 (0.000023 BTC) to $0.000011, but it clearly underlines his believes of doom.

xrpbtc peter brandt
XRP/BTC 1-Day chart Analysis (Source: Twitter)

A Strong Sell Signal?

What’s more worrying for the investors is that the pattern resembles on higher time-frames as well. XRP gained over 50,000% in 2017 reaching highs above $3. Its ‘bag holders’ are the 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.

xrpusd weekly chart
XRP/USD 2-Week Chart on Bitstamp (TradingView)

Derivatives and crypto trader. Cantering Clark, also called out the sell signal below the 2300-2400 sats level on XRP/BTC with considerable sarcasm aimed at the ‘bag holders.’ He tweeted,

As reported earlier on CoinGape, Brandt and other leading traders like Tone Vays have gone out on a limb to call out Ripple’s XRP scam. Recently, reports of Jed McCaleb, the co-founder of XRP who later broke away from Ripple, selling heaps of XRP surfaced.

Reportedly, in April he sold nearly $12 million in XRP. This is in addition to the 1 billion XRP that Ripple adds to the circulating supply from their 55 billion in holding. Along with the escrow release from Ripple, such large-scale selling is a worrying signal, fundamentally.

Do you think that XRP will be able to reach global currency or bridge currency status? Please share your views with us.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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