Legendary trader Peter Brandt says Ripple’s XRP is on its way towards zero, particularly against Bitcoin (BTC). Brandt’s comments come amid a recent decline in the price of XRP.
Peter Brandt on XRP Versus Bitcoin Performance
On an XRP/BTC chart posted on social media X, Brandt shows XRP’s price going downwards against Bitcoin. The chart encompasses candlesticks on the 1-week timeframe, showing a downtrend for XRP over the years. Notably, more pronounced declines were observed in recent months. Essentially, it can be interpreted that XRP is underperforming against Bitcoin.
From a pure classical charting point of view (that is, Schabacker, Edwards, Magee) this chart looks like it is headed toward Zero $XRPBTC pic.twitter.com/p5l1Kv4uim
— Peter Brandt (@PeterLBrandt) May 12, 2024
The representation on the chart is further supported by the recent decline in XRP’s price. According to the latest CoinMarketCap data, XRP has seen a 20% slump in its value year-to-date. However, Bitcoin has seen increases of 43% within the same timeframe, despite its recent poor performance.
Moreover, the current value of XRP/BTC is 0.00000808, down more than 44% from 0.00001457 in January. At the time of this writing, XRP is trading at $0.5036, with its market capitalization pegged at $27.8 billion. While the market cap declined by 0.3%, trading volume increased by an outstanding 113.46% to $832 million.
Brandt claims that the XRP/BTC chart appeared to be heading for zero is, therefore, based on XRP’s underperformance in comparison to Bitcoin.
XRP Community Members Challenges Brandt
Many members of the XRP community disagree with Brandt’s bearish projection of XRP. They point out that Brandt has made the “going to zero” calls on XRP in the past, without the prediction manifesting.
One community member even reposted Brandt’s post from November 26, 2017, depicting XRP’s underperformance. The legendary trader described XRP as “crap” and “Shitcoin”, at the time.
Contrary to Brand’s bearish projection, the XRP community member noted that XRP outperformed most of the market in 2017.
Specifically, XRP skyrocketed by 1,418% from $0.2529 to reach an all-time high of $3.84. This aggressive action occurred less than two months following Brandt’s comments. Enthusiasts in the community feel history might repeat itself in this bull market, where XRP’s price is dwindling.