XRP Heading Straight to $0?...Peter Brandt: 'It will become worthless'

▲ XRP/ChatGPT generated image

A veteran trader with 40 years of experience has put forth a provocative analysis suggesting that XRP could virtually converge to zero, causing a significant stir in the market.

According to U.Today, a cryptocurrency news outlet, on April 30 (local time), veteran trader Peter Brandt argued, based on XRP's long-term price chart, that the asset's ultimate bottom would be only slightly above $0. Brandt stated via his social media that XRP's price trend has entered a long-term decline and it's difficult to find any signs of a rebound.

Brandt cited the fact that XRP has consistently lost value against Bitcoin (BTC) over the past several years as a key reason. He explained that "XRP's trajectory on the chart follows a typical collapse pattern" and warned that from a technical analysis perspective, if current support levels break, the price could fall into an unfathomable abyss. Brandt particularly noted that XRP is gradually being marginalized in the market.

The Ripple community immediately pushed back against this pessimistic outlook. Supporters pointed out that Brandt's analysis completely fails to reflect the real financial innovation Ripple is pursuing and its collaboration achievements with central banks worldwide. However, Brandt countered that market prices are already a reflection of all good and bad news, and the current chart pattern is evidence that investors are turning their backs on this asset.

XRP's price is currently maintaining a precarious trend above key psychological support levels, and buying pressure is steadily weakening. Trading volume has also significantly decreased compared to its heyday, indicating a drop in market interest. Whether Brandt's prediction materializes and the price plummets to around $0, or if it succeeds in a dramatic turnaround, will be a key issue in the market going forward.

Brandt's analysis leaves a lesson that warning signs shown by charts in virtual asset investment should not be ignored. It serves as a reminder that even assets with large market capitalization may become irrecoverable if their long-term trend breaks. Amidst the endless debate surrounding XRP, the actual direction of its price could bring very harsh results to market participants.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*