XRP and BTC have shook up the crypto markets. Peter Brandt, a trader at Trader Peter Brandt warned of possible drop by 97.5% for Ripple compared to Bitcoin.
Brandt posted a chart to X (formerly Twitter), on August 1st 2024.
“This chart pattern is a multi-year complex H&S. If this chart penetrates the lower support line then all @X accounts with XRP initials attached will slowly disappear to never again be seen again.”
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Ripple in danger of extinction? Bitcoin’s strength raises concerns
Peter Brandt’s Technical Analysis
Brandt’s study focuses on a complex multi-year head-and shoulders pattern that has been seen over the XRP/BTC pair. This sign is bearish and suggests that Ripple may be reversing its upward trend against Bitcoin. The chart will break below the “neck” Ripple’s relative value to Bitcoin could be affected by a drop in the support level or line.
Below the bottom of the chart, the chart may break. “neck” XRP could see its value drop dramatically compared to Bitcoin if the support level is lowered.
Brandt predicted that Brandt would come to his prediction.
- The XRP/BTC rate could drop from 0.000008 to 0.0000002 per XRP
- Bitcoin has dropped in price by 97.5%
- Social media Ripple accounts could disappear
Recent Performance of XRP
Recent market data shows Ripple’s changing nature.
The term “As the CoinMarketCap chart above illustrates:
- As of August 2, 2020, 8.4% will drop in a 24 hour period
- The price hovers around $0.60
- A strong July with 35% rally
- Support levels are important, such as the weekly 50- and 200-moving averages.
Whale Activity and Market speculation
Recent days have seen significant whale activity:
- Binance has made large XRP transfer to wallets unknown.
- 24.393.080 XRP (approximately $14.8 million) at August 2, 2024
- 17,9 millions XRP (27,982,405 XRP)
- The equivalent of $13.8 million is 22,645,164, XRP
- The value of the XRP is $13.8 million or 22,177.622 xp
- Santiment highlights
- XRP Ledger is among the best performing cryptocurrencies in July
- The network’s growth in major whale transactions
- Prices are up 35% for July
- Strong social presence despite a slight dip
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Different Opinions
Brandt’s pessimism isn’t shared by all analysts. Ali Martinez, a well-respected crypto analyst recently offered a more positive outlook for this coin.
Martinez stated that Ripple coin’s triangle pattern has existed for the past six years and suggests a bullish break if its price exceeds $0.90.
Santiment’s tweet highlights the following:
- XRP Ledger is among the top performers of July
- The performance of the network and major whales was boosted.
- Price increases of 35% for July
- A high level of social dominance, despite some slight pullback
Whale Speculation and Activity
Recent days have seen significant whale activity:
Whale Alert Tweets show this:
- Binance has made large transfers to unidentified wallets.
- 24393,080 (XRP)
- 17,9 millions XRP (27,982,405 XRP)
- 22 645,164 XRP (13.8 millions)
- The value of the XRP is $13.8 million or 22,177.622 xp
The crypto community is divided on the future of the coin as it navigates these turbulent waters. Peter Brandt’s bullish forecast is at odds with the optimism generated by on-chain metrics, whale activity and Peter Brandt. Ripple’s direction is unclear as long as there remains a SEC lawsuit.
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Ripple’s technical and basic challenges will be a major focus in the weeks to come. Crypto markets are prone to volatility, making it difficult to accurately predict the outcome.
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Source: watcher.guru
