Altcoin
XRP facing zero prospects against BTC? The veteran trader’s warning sets alarm bells ringing
- The Ripple-backed XRP price has lost 70% of its value versus Bitcoin since 2017, despite the 2021 cryptocurrency bull market.
- Veteran trader Peter Brandt believes that XRP will continue to lose value relative to Bitcoin in the near term and will most likely be eclipsed by other altcoins.
XRP, backed by Ripple Labs, is one of the underperforming altcoins in the top 20 most valuable digital assets by market capitalization. The large-cap altcoin, with a fully diluted valuation of around $50 billion and an average daily traded volume of around $814 million, has previously been described as a zombie altcoin.
Furthermore, the price of XRP has been surpassed by that of Bitcoin (BTC) over the past five years. According to the latest market data, the price of
Peter Brandt predicts doomsday for XRP holders
According to a veteran and respected stock and cryptocurrency trader, Peter Brandt, the price of XRP relative to Bitcoin will continue to decline in the coming months, despite signs of the inevitable altseason. Brandt reminded XRP enthusiasts that the Ripple-backed digital asset has lost more than 70% of its value over the past five years.
“It’s fun to bash XRP_aholics. My comparison is to BTC, not USD, so here’s what I don’t understand. How can XRP bulls be so insistent that XRP is close to ATL versus BTC and has only closed higher than current levels in 6 of the last 126 months?” Brandt noted.
Brandt pointed out that on the XRP/BTC chart, from a purely classical perspective, the altcoin is headed towards lower and lower lows. As a result, Brandt has received a lot of hostile reviews, especially from XRP enthusiasts. For example, one trader pointed out that the XRP price outperformed most cryptocurrencies in 2017, soon after Brandt shared a similar XRP chart.
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People this arrogant about an asset class (XRP vs BTC) should have a little more performance on their pathetic side before they get too critical
— Peter Brandt (@PeterLBrandt) May 13, 2024
What time?
The last three years have been dramatic for XRP holders due to Ripple’s monthly market decline due to the ongoing lawsuit. As the cryptocurrency market prepares for the parabolic phase of the bull cycle, XRP continues to lag behind. For example, Binance, the leading cryptocurrency exchange by daily trading volume, announced on Tuesday that it will stop supporting XRP in its multi-asset mode due to low demand and possibly regulatory pressure.
AS Crypto News Flash previously highlighted, the US SEC pushed the court to fine Ripple $2 billion for violating securities laws. Although Ripple won most of its arguments in court, more and more cryptocurrency investors have turned to promising web3 projects, especially without legal obstacles.
Price action
In the recent past, the price of XRP against the US dollar has established a solid support level of around 50 cents. However, the large-cap altcoin must recapture the weekly support level above 58 cents or risk falling further in the near term.
According to the latest market data, the price of