Prominent trader Peter Brandt, who possesses extensive expertise in the cryptocurrency market, recently shared a pessimistic outlook for XRP compared to Bitcoin (BTC). In a post to his vast following of over 728 thousand followers on the social media platform X, Brandt suggested that the XRP/BTC pair could potentially plummet to new historic lows.
According to Brandt, a classic chart analysis reveals a concerning trend for XRP when compared to BTC. “Based on a purely classical charting perspective (i.e., Schabacker, Edwards, Magee), this chart seems to be heading towards zero,” Brandt remarked, emphasizing the severity of the situation.
Furthermore, Brandt incited a passionate response from the XRP community by questioning their excessive reliance on the asset. “It’s actually quite amusing to prod the XRP enthusiasts. My comparison is with BTC, not USD, so here’s what I don’t understand. How can XRP bulls be so adamant that XRP is close to all-time lows against BTC, when in reality it has only closed higher than current levels in six out of the last 126 months? Those who are so arrogant about this 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. He acknowledges that the alternative payment coin may have more potential for appreciation than BTC in the current market cycle, but he emphasizes that the responsibility to prove this potential lies with XRP. “It’s very possible. However, 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. At the time of writing, the price of XRP was quoted at US$0.5047, experiencing a 0.5% decrease in the last 24 hours.
Disclaimer:
The opinions and viewpoints expressed by the author or individuals mentioned in this article are purely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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