Peter Brandt Says XRP Against BTC is Going to Zero

Peter Brandt, a proprietary trader with 50 years of experience, has boldly asserted that XRP is “going to zero,” particularly in relation to Bitcoin.

In a recent post on X, Brandt posted a graph of XRP’s price in relation to Bitcoin. Notably, the presented XRP/BTC chart comprises candlesticks on the 1-week timeframe. It illustrates a downtrend over the years, with more pronounced declines in recent months. Essentially, the chart depicts that XRP is underperforming Bitcoin.

This chart representation is further confirmed by the fact that Bitcoin is up 43% year-to-date despite the recent bearish performance. On the other hand, XRP has lost over 20% of its value through the same timeframe. 

XRP/BTC Going to Zero

Now, the value of XRP/BTC is at 0.00000808, down by over 44% from 0.00001457 in January. Observing this XRP’s underperformance in relation to Bitcoin, Brandt asserted that the XRP/BTC chart appears to be on a trajectory towards zero.

From a pure classical charting point of view (that is, Schabacker, Edwards, Magee) this chart looks like it is headed toward Zero $XRPBTC pic.twitter.com/p5l1Kv4uim

— Peter Brandt (@PeterLBrandt) May 12, 2024

XRP Army Disagrees

Expectedly, this bold call from the legendary trader unsettled XRP enthusiasts. They expressed their discontent, pointing out that Brandt has made similar claims before. Moreover, critics of Brandt’s view argue that XRP is currently at a support level, suggesting that a considerable recovery could be on the horizon.

Peter Brandt Was Wrong in 2017

Meanwhile, another commenter recalled Brandt’s past remarks from November 26, 2017, when he shared a similar XRP/BTC chart highlighting XRP’s poor performance. At the time, the legendary trader described XRP as “crap” and “Shitcoin.” 

– Advertisement –

Notably, XRP was trading at $0.2529 during the period. Contrary to Brandt’s bearish stance, XRP experienced a dramatic surge shortly after, rocketing by 1,418% to reach an all-time high of $3.84. This aggressive move took place less than two months after Brandt’s remark.

Optimists in the XRP community believe this history could replay in this bull market where XRP currently underperforms.

Meanwhile, in a clarifying update, Brandt stressed that his prediction of XRP’s value approaching zero was specific to its performance against Bitcoin, not its USD value. He questioned why XRP advocates remain steadfast despite the asset nearing all-time lows. 

In contrast, Bitcoin has recently reached a new all-time high. Brandt also highlighted that XRP has only closed above its current levels in 6 out of the past 126 months, further questioning the optimism of XRP bulls.