Veteran trader Peter Brandt thinks XRP may plummet in value against Bitcoin (BTC) as the pair approaches all-time lows.
Brandt tells his 728,900 followers on the social media platform X that the XRP/BTC pair is in danger of moving below its long-term range low.
According to the seasoned trader, the target for the range breakdown based on classical charting principles is 0.0000002 BTC ($0.013).
“From a pure classical charting point of view (that is, Schabacker, Edwards, Magee), this chart looks like it is headed toward zero…
It is actually fun poking a stick at XRP_aholics. My comparison is to BTC, not USD, so here is what I don’t understand. How can XRP bulls be so insistent in that XRP is near ATLs vs BTC, and, in fact, has only closed higher than present levels in six of the last 126 months?
People so cocky about an asset class (XRP vs BTC) should have a little more performance on their pathetic side before being too critical.”
Brandt acknowledges the possibility that XRP has more upside potential than BTC for the remainder of the ongoing market cycle but says the “burden of proof” is on the payments altcoin.
“Very possible. But the burden of proof is on XRP, not BTC. And, if the play now is with alts, why not something other than XRP?”
Brandt has been bearish on the XRP/BTC pair since at least 2017.
BTC is trading at $62,834 at time of writing. The top-ranked crypto asset by market cap is up nearly 3% in the past 24 hours.
XRP is trading at $0.504 at time of writing. The 7th-ranked crypto asset by market cap is up nearly 1% in the past 24 hours.
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