- Veteran trader Peter Brandt predicts a potential drop in XRP value against Bitcoin (BTC) as the pair approaches all-time lows.
- Brandt suggests that the target for the range breakdown based on classical charting principles is 0.0000002 BTC ($0.013).
- Despite acknowledging the possibility of XRP having more upside potential than BTC, Brandt maintains that the “burden of proof” is on the payments altcoin.
Peter Brandt, a seasoned trader, forecasts a potential decline in XRP value against Bitcoin. He suggests a target for the range breakdown at 0.0000002 BTC, and asserts that the “burden of proof” lies with XRP.
Brandt’s Prediction for XRP/BTC Pair
Peter Brandt, a veteran trader, has recently expressed his concern about the XRP/BTC pair’s future. He warns his 728,900 followers on social media that the pair is in danger of moving below its long-term range low. According to Brandt, the target for the range breakdown, based on classical charting principles, is 0.0000002 BTC ($0.013). He further adds that from a pure classical charting point of view, the chart looks like it is headed toward zero.
Brandt’s View on XRP Performance
Brandt has been critical of XRP’s performance against BTC, questioning the confidence of XRP bulls despite the asset’s underperformance. He points out that XRP has only closed higher than present levels in six of the last 126 months. While he acknowledges the possibility that XRP has more upside potential than BTC for the remainder of the ongoing market cycle, he insists that the “burden of proof” is on the payments altcoin. He further questions why investors would choose XRP over other altcoins if the play now is with alts.
Brandt’s Previous Predictions
Brandt has been bearish on the XRP/BTC pair since at least 2017. He has consistently questioned the asset’s performance and potential. At the time of writing, BTC is trading at $62,834 and is up nearly 3% in the past 24 hours. On the other hand, XRP is trading at $0.504 and is up nearly 1% in the past 24 hours.
Conclusion
In conclusion, while Brandt acknowledges the potential for XRP to outperform BTC, he maintains a bearish outlook on the asset. He insists that the onus is on XRP to prove its worth and questions the choice of XRP over other altcoins. As the crypto market continues to evolve, investors will need to keep a close eye on these developments.
