Peter Brandt's Bearish XRP Prediction Shakes the Community, But Supporters Stand Firm

Peter Brandt, a well-known commodity and forex trader, has shaken up the XRP community with his latest bearish price prediction.

Peter Brandt, a renowned commodity and forex trader, has caused a stir within the XRP community with his latest bearish price prediction. As Ripple continues to engage in a legal battle with the U.S. SEC, Brandt has forecasted that XRP’s value will eventually plunge to $0.034. This pessimistic outlook was shared alongside a historical price chart, which further supports his prediction.

Back in August, Brandt highlighted a “multi-year complex” head and shoulders (H&S) pattern for XRP, warning that if it materializes, the XRP community could “slowly disappear to never be seen again.” Earlier in May, Brandt also expressed his belief that XRP should be classified as a security, predicting that it eventually will be. These statements came months before the SEC’s recent appeal, aligning with his longstanding bearish stance on the cryptocurrency.

Ripple “RIP PPL OFF” Jab Sparks Reactions

Brandt didn’t hold back, humorously referring to Ripple as “RIP PPL OFF” in his XRP post. This comment, combined with the bearish prediction, generated a wave of responses. Many of Brandt’s followers echoed his sentiments, with some even suggesting XRP’s value could fall to zero. Others were more cautious, stating that only time will reveal the truth behind XRP’s future price action. The sentiment among some in the community, however, remains hopeful, dismissing the dire forecast.

XRP Supporters Stand Firm Despite Price Slump

Despite the forecast, loyal XRP supporters remain optimistic. They argue that the SEC’s appeal in the Ripple lawsuit could solidify XRP’s legitimacy, eventually boosting its price. Even with the coin experiencing a 15% drop, currently trading at $0.5261, trading volume has surged by nearly 39%, suggesting that many investors are still backing XRP.

SEC Appeal Shakes the Market

The ongoing SEC appeal has certainly put pressure on XRP’s price. The regulator filed the motion just before the October 7 deadline, challenging parts of Judge Analisa Torres’ July 2023 ruling. This appeal has led to growing uncertainty in the market, but legal experts maintain that the SEC’s chances of success are slim. Many crypto lawyers believe Ripple holds a strong case, which could provide a turning point for XRP in the long run.

What Lies Ahead for XRP Price?

Moreover, the XRP community is experiencing both resilience and trepidation in response to Peter Brandt’s analysis. While some investors are preparing for further price declines, others are betting on Ripple’s continued legal battle victories. Only time will tell if Brandt’s prediction holds true or if Ripple will fare better under SEC scrutiny as XRP continues to navigate these crazy times.

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