Peter Brandt’s Crypto Forecast: Why He’s Betting Against XRP

• Drawing on both long-term patterns and his own market research, Peter Brandt projects a sharp drop in the value of XRP in relation to Bitcoin.
• Though Brandt’s estimate is dismal, expert Milkybull offers a positive one for XRP, predicting a possible increase to $2.4 to $3 based on uncommon market signs.

With over fifty years of market expertise, seasoned trader Peter Brandt has forecast a dismal future for XRP, particularly when compared to Bitcoin. Renowned for his sharp market analysis that he posts on social media, Brandt used long-term price charts to demonstrate a substantial possible drop for XRP to zero in relation to Bitcoin.

From a pure classical charting point of view (that is, Schabacker, Edwards, Magee) this chart looks like it is headed toward Zero $XRPBTC pic.twitter.com/p5l1Kv4uim

— Peter Brandt (@PeterLBrandt) May 12, 2024

XRP Performance: The Situation as of Right Now

Even with the dismal prediction, the price of XRP is slightly rising. According to CoinMarketCap, the price of XRP at the moment of writing is about $0.5034, up just 0.10% from the previous day.

This little increase is, however, eclipsed by a 6.87% drop during the last week, underscoring the instability and hazy future that Brandt highlights.

Remarkably different from Brandt’s gloom, a recent CNF article featured analysis by well-known cryptocurrency analyst Milkybull, who has identified a unique sign pointing to a possible rise in XRP’s price to between $2.4 and $3. For XRP enthusiasts, this forecast offers some hope and runs counter to the pessimistic forecasts of certain industry professionals.

$XRP conservative bull target for this cycle is $2.4-$3.

A rare indicator that never fails. pic.twitter.com/kQFrBJRImw

— Mikybull Crypto (@MikybullCrypto) May 10, 2024

Traders’ Need to Know Market Dynamics

First known for his commodities trading, Brandt has now applied his decades-honed classical charting skills to the world of cryptocurrencies. Though XRP experienced a historic rally in 2017—it reached an all-time high of $3.84—shortly after Brandt made disparaging remarks, he is still dubious.

Traders who have seen comparable trends will find resonance in his thesis, which emphasizes that XRP has struggled to maintain large gains and seldom finishes higher in the long run.