Prominent trader Peter Brandt, who boasts extensive experience in the cryptocurrency market, recently offered a bleak outlook on the future of XRP compared to Bitcoin (BTC). In a post to his large following of over 728 thousand followers on the social network X, Brandt suggested that the XRP/BTC pair could potentially reach new all-time lows.
Brandt pointed to classic chart analysis as evidence of a troubling trend for XRP when compared to BTC. “From a purely classical charting point of view (i.e. Schabacker, Edwards, Magee), this chart appears to be heading towards zero…” Brandt commented, underscoring the severity of the situation.
Additionally, Brandt stirred up the passionate community of XRP supporters by questioning their excessive reliance on the asset. “It’s actually enjoyable to tease XRP_aholics. My comparison is with BTC, not USD, so here’s what I struggle to comprehend. How can XRP bulls be so adamant that XRP is nearing all-time lows against BTC, when in reality it has only closed higher than current levels in six out of the last 126 months? People who are so arrogant about an asset class (XRP vs BTC) should exhibit a bit more humility before being overly critical.”
Despite this critical perspective, Brandt does not completely dismiss the possibility of XRP’s recovery potential. He acknowledges that the altcoin for payments may have more room for growth than BTC in the current market cycle, but emphasizes that the onus is on XRP to prove this potential. “Very possible. But the burden of proof lies with XRP, not BTC. And if the focus is now on altcoins, why not consider something other than XRP?”
Brandt has maintained his cautious stance on the XRP/BTC pair since at least 2017. As of the time of writing, the price of XRP was quoted at US$0.5047, experiencing a 0.5% drop in the last 24 hours.
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The views and opinions expressed by the author or any individuals mentioned in this article are solely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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