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Veteran trader Peter Brandt has offered a sobering assessment of XRP’s price movement in relation to Bitcoin (BTC), based on classical charting principles. Brandt, known for his insightful market analysis, suggests that XRP’s chart pattern resembles a downward trajectory, potentially heading toward zero. The chart shared by Brandt displays XRP’s price against Bitcoin, currently at 0.0000084 BTC, its lowest point in recent times.
Brandt’s analysis prompts a critical examination of the optimism surrounding XRP, particularly when compared to Bitcoin. He notes that XRP has closed higher than its current levels in only six out of the last 126 months, indicating a prolonged period of underperformance.
Regarding the potential for XRP to outperform BTC in the future, Brandt acknowledges the possibility but underscores that the burden of proof rests with XRP. He suggests that investors exploring alternative cryptocurrencies may find more promising opportunities than XRP.
Brandt’s cautionary remarks reflect the challenges confronting XRP within a market landscape dominated by Bitcoin and a multitude of competing altcoins.
Brandt’s observations contribute to the ongoing discussion surrounding XRP’s price trajectory, prompting investors to question the sustainability of its current levels. How will XRP fare against Bitcoin in the coming months? Is there potential for a reversal in its downward trend?
XRP, as one of the largest and most popular coins, remains in the spotlight of crypto market participants. However, what this will mean for its price and as a result investors’ portfolios is a big question.
