Commodity trading vet Peter Brandt has recently taken to Twitter to share his analysis much sought-after technical analysis on crypto when the community desperately needs that.
According to Brandt, Ripple’s XRP, which is leading the market rout, could soon be completely annihilated.
XRP will crash and burn
Brandt is certain that Ripple’s ‘make-or-break’ moment will come once XRP appears in the $0.2400 region, which is not that far-fetched considering that the third biggest coin is currently trading at $0.2586 on the Bitstamp cryptocurrency exchange.
If the XRP price drops below that level, it could go all the way down to $0.0207 given that Ripple won’t be able to hold support any longer.
This is not the first time that the prominent chartist voiced his doom-laden prediction about XRP.
While Brandt believes that Ripple is a ‘well-managed’ company, he sticks to the common narrative that it manipulates the price of its native token.
I used "manipulate" because it is exactly what Ripple has been doing since it introduced XRP.— Peter Brandt (@PeterLBrandt) August 14, 2019
A bigger picture
However, Brandt is now leaving the ranks of Bitcoin bulls since the crypto king is still outpacing its previous bull run despite the most recent price drop.
Bitcoin remains above the pace of its 2015-2017 bull run (for now). The 2015-2017 trend tested its trend MA multiple times (green arrows). The current trend has yet to do so. $BTC. pic.twitter.com/0KWR1I4Ax5— Peter Brandt (@PeterLBrandt) August 14, 2019
BTC is changing hands at $9,708 on Bitstamp after a brutal sell-off.