XRP and BTC are shaking up the crypto market. Trader Peter Brandt warns of a possible 97.5% drop for Ripple against Bitcoin.
As seen in the post below, Brandt shared a chart on X (formerly Twitter) on August 1, 2024, stating:
“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’s Future in Jeopardy? Bitcoin’s Strength Raises Concerns
Peter Brandt’s Technical Analysis
Brandt’s analysis focuses on a multi-year complex head-and-shoulders pattern seen in the XRP/BTC pairing. This bearish sign suggests a possible reversal of Ripple’s uptrend against Bitcoin. If the chart breaks below the “neck” or lower support line, it could trigger a sharp decline in Ripple’s value relative to Bitcoin.
If the chart breaks below the “neck” or lower support line, it could trigger a sharp decline in XRP’s value relative to Bitcoin.
The effects of Brandt’s prediction coming true would be severe:
XRP/BTC ratio could fall from 0.000008 BTC per XRP to 0.0000002 BTC
A 97.5% drop in value against Bitcoin
Ripple-related social media accounts may vanish
XRP’s Recent Performance
Recent market data shows Ripple’s changeable nature:
As the CoinMarketCap chart above illustrates:
8.4% drop over a 24-hour period as of August 2, 2024
Price hovering around $0.60
Strong July performance with a 35% rally
Holding crucial support levels, including weekly 50 and 200 Moving Averages
Whale Activity and Market Speculation
Significant whale activity has been spotted in recent days:
Large XRP transfers from Binance to unknown wallets:
24,393,080 XRP ($14.8 million) on August 2, 2024
27,982,405 XRP ($16.9 million)
22,645,164 XRP ($13.8 million)
22,177,622 XRP ($13.8 million)
Santiment report highlights:
XRP Ledger among best performers in July
Major whale transaction levels and network growth
35% July price jump
Strong social presence despite a slight dip
Also Read: Ripple: SEC Settlement Could Push it to $0.7 in August
Varied Opinions
Not all analysts share Brandt’s pessimism. Ali Martinez who is a respected crypto analyst, recently presented a more optimistic perspective for the coin.
Martinez said that Ripple’s coin has been forming a triangle pattern for six years, suggesting a bullish breakout if it surpasses $0.90.
The Santiment tweet above highlights:
XRP Ledger was among the best performers in July
Major whale transaction levels and network growth boosted performance
A 35% price increase in July
High social dominance despite a mild pullback
Whale Activity and Market Speculation
Significant whale activity has been spotted in recent days:
As shown in the Whale Alert tweets:
Large transfers from Binance to unknown wallets:
24,393,080 XRP ($14.8 million)
27,982,405 XRP ($16.9 million)
22,645,164 XRP ($13.8 million)
22,177,622 XRP ($13.8 million)
As the coin moves through these rocky waters, the crypto community remains split on its future. Peter Brandt’s bearish forecast clashes with the optimism fueled by strong on-chain metrics and whale activity. With the ongoing SEC lawsuit against Ripple still hanging over, the coin’s path forward remains unclear.
Also Read: Ripple: Forecasted to Reach $2.5, Here’s When
The coming weeks will likely be key for Ripple as it faces these technical and fundamental challenges. The crypto market’s inherent ups and downs mean that outcomes remain hard to predict with certainty.