Peter Brandt’s Bearish Prediction Shakes the XRP Community
Peter Brandt, a renowned figure in the commodity and forex trading sphere, has recently caused a stir within the XRP community with his latest price prediction. Amidst the ongoing Ripple and U.S. SEC legal battle, Brandt has projected a long-term decline in XRP’s value to a mere $0.034. This grim forecast, shared alongside a historical price chart, has intensified the discussion around XRP’s future prospects.
In August, Brandt pointed out a “multi-year complex” head and shoulders (H&S) pattern for XRP, cautioning that if this pattern unfolds, the XRP community might “slowly disappear to never be seen again.” Earlier in May, he also voiced his opinion that XRP should be classified as a security, aligning his views with those of the SEC. His remarks came months before the SEC’s recent appeal, underscoring his persistent bearish stance on this cryptocurrency.
Ripple “RIP PPL OFF” Jab Sparks Reactions
Brandt did not mince words, humorously dubbing Ripple as “RIP PPL OFF” in his post on X, sparking a flurry of reactions. His comments, combined with the bearish forecast, resonated with many of his followers, some even speculating that XRP’s value might plummet to zero. However, others took a more cautious approach, suggesting that only time will unravel the true trajectory of XRP’s pricing. Despite the skeptical outlook, a segment of the community remains hopeful, dismissing the bleak predictions.
XRP Supporters Stand Firm Despite Price Slump
Despite the gloomy prediction, loyal supporters of XRP remain unfazed and optimistic. They argue that the SEC’s appeal in the Ripple lawsuit might affirm XRP’s legitimacy, potentially leading to a price rebound. Even with the cryptocurrency experiencing a 15% drop, currently trading at $0.5261, the trading volume has surged by nearly 39%, indicating continued investor interest and support for XRP.
SEC Appeal Shakes the Market
The ongoing SEC appeal has undeniably put additional pressure on XRP’s market value. Filed just before the October 7 deadline, the regulator’s motion challenges portions of Judge Analisa Torres’ ruling from July 2023. This appeal has introduced further uncertainty into the market, yet many legal experts argue that the SEC’s prospects for success are slim. Numerous crypto lawyers believe that Ripple presents a compelling case, which could serve as a pivotal moment for XRP in the long term.
What Lies Ahead for XRP Price?
The XRP community finds itself in a state of mixed emotions following Peter Brandt’s analysis. While some investors brace for potential price dips, others are betting on Ripple’s continued success in its legal battles. Only time will reveal whether Brandt’s bearish prediction will come to pass or if Ripple will ultimately thrive under the scrutiny of the SEC as XRP continues to navigate these turbulent times.
- Also Read:
- Ripple vs SEC Lawsuit: SEC Misses Form C Filing; Cross-Appeal from Ripple Incoming?
