- Peter Brandt predicts XRP could crash, challenging investor optimism.
- Uptober disappointment: XRP struggles amid ongoing legal battles and volatility.
XRP, one of the most prominent altcoins, continues to face challenging market conditions as it struggles to maintain investor confidence. Despite attempts to break out of its consolidated phase, the coin remains below the $0.55 resistance mark, with a recent 13% dip over the past month and a 7% drop over the last week. Currently trading at $0.5143 with a 7% loss in the past 24 hours, XRP’s trading volume has seen a modest 5% rise, yet bearish sentiment persists, exacerbated by ongoing legal pressures tied to Ripple.
Adding to the market’s uncertainty, renowned commodities trader Peter Brandt recently made headlines with a stark prediction for XRP’s future. Brandt, a widely respected figure in trading circles, suggested that XRP could plummet in value due to a multi-year head-and-shoulders (H&S) pattern that’s been forming over the past decade.
According to Brandt’s analysis, completing this pattern might push XRP toward near-zero valuation against Bitcoin, leaving little room for recovery. He further cautioned that XRP’s market presence could dwindle if the pattern holds, with the community eventually “disappearing” as prices decline.
Meanwhile, Brandt’s critique didn’t end with his prediction. Known for his candid opinions on social media, he recently posted a humorous jab, referring to Ripple as “RIP PPL OFF,” in light of Ripple’s ongoing legal battles. This statement, alongside his warning of a potential dip to $0.20 or even lower, has stirred controversy within the XRP community, with some investors viewing Brandt’s forecasts as overly pessimistic, while others remain wary of it’s uncertain future.
October Market Woes for XRP
October 2024, branded as “Uptober” in crypto circles, has so far proved disappointing for XRP investors. Despite hopes for a market rebound, XRP has remained volatile, with high liquidation levels noted around key price zones. While some technical analysts point to potential manipulation or price movements aimed at capitalizing on liquidations, the price has yet to establish a clear recovery path.
With Ripple’s legal challenges and Brandt’s bearish predictions looming large, it faces a challenging road ahead. Although many XRP supporters remain cautiously optimistic, stating market uncertainties, analysts suggest that a downturn to the $0.20 mark is a plausible scenario.
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