Seasoned trader Peter Brandt has cast a grim forecast for Ripple’s cryptocurrency, XRP, suggesting it stands for “RIP PPL OFF.” This provocative statement comes at a time when XRP’s market performance is under intense scrutiny, not only due to its trading patterns but also because of ongoing legal challenges with the U.S. Securities and Exchange Commission (SEC).
XRP Could Hit Zero- Analyst
Crypto analyst Peter Brandt pointed to an 11-year head-and-shoulders pattern on the XRP to Bitcoin (XRP/BTC) trading chart, which he believes signals a potential collapse in XRP’s value relative to Bitcoin. According to Brandt, this pattern, if completed, could see XRP’s value plummet to zero when paired against Bitcoin.
XRP/BTC trend analysis by Peter Brandt. Source: X
Responding to Peter Brandt’s analysis, SuperBitcoinBro on X shared a chart illustrating a three-year symmetrical triangle in XRP. He questioned the potential breakdown, suggesting that if XRP reaches the projected target, it could signify a significant decline in value, estimating a 77.5% decrease.
XRP/BTC chart shows potential 77.5% drop. Source: SuperBro/X
Contrasting Peter Brandt, @trader19841 cited DOGE/BTC’s history, where a similar pattern led to a significant surge. These opposing viewpoints only showcase the unpredictable nature of cryptocurrency markets.
Ripple’s Struggle Against Market Odds
Not only has Ripple’s performance against Bitcoin raised alarms but its trajectory against the U.S. dollar also reflects a troubling trend. In 2024, while Bitcoin has appreciated by 44.43%, Ripple has declined by 15.84% against the U.S. dollar.
XRP and BTC price chart. Source: TradingView
The Moving Average Convergence Divergence (MACD) for XRP suggests a lack of positive momentum, with the indicator lines hovering near and occasionally below zero.
XRP/USD Derivatives market bleeds. Source: Coinglass
The derivatives market offers further insight into Ripple’s troubles. XRP derivatives have seen a sharp 64.16% drop in volume and now stand at $1.69 billion. Open interest has decreased by 4.30% to $682.57 million.
Moreover, Messari data reveals a sharp drop in the number of active Ripple addresses, falling from 58,157 on Aug. 17 to 23,282 by Oct. 4.
XRP Whale Activity and SEC Appeal Stir Market Concerns
XRP whales captured investor attention by moving nearly 153 million coins amid new developments in the Ripple vs. SEC lawsuit. As the SEC filed a ‘notice of appeal‘ against Judge Analisa Torres’ last judgment, significant XRP transactions were noted. At the same time, XRP prices fell. This mirrored the wider negative sentiment in the market influenced by the SEC’s appeal and subsequent significant whale transactions.
Whale movements and SEC appeals impact XRP. Source: X
According to data from Whale Alert, three large transactions have reshuffled over 153 million XRP coins in the past 24 hours. Two of these transactions sent substantial amounts to crypto exchanges: 30.38 million XRP to Bitso and 19.22 million XRP to Bitstamp were sent from a known whale address. Additionally, a separate whale transferred 104.38 million XRP to an unidentified wallet.
With bearish technical signals and legal tussles with the SEC, XRP could plummet further say some analysts. Above all, gauging from the market trends and trading volumes with large whales, a rosy future does not look certain for Ripple’s token.
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