Peter Brandt Says Ripple Is Headed To Zero Against Bitcoin — XRP/BTC At Key Horizontal Support
Ripple sliding down
Key Takeaways
- Peter Brandt predicts XRP may drop to zero against BTC.
- XRP hovering around $0.50 could be a bullish sign.
- Ripple needs to break resistance for a new uptrend to begin.
Peter Brandt, a seasoned trader, recently predicted a grim outlook for Ripple’s XRP against Bitcoin. His recent analysis suggests a potential drop for XRP to zero compared to Bitcoin. He based this prediction on a detailed examination of the XRP/BTC price chart over a long period, highlighting a persistent downtrend.
This received a backlash from his followers. Some pointed out that he shared a similar stance two months before XRP outperformed most of the market in 2017. Ripple has been hovering around $0.50 since mid-April, so can it establish support at these levels, or will it collapse right through?
XRP/BTC At Key Support
Using a one-week candlestick chart, Brandt illustrated a significant decline in XRP’s value against Bitcoin. The XRP/BTC ratio has fallen to 0.00000803, an 81.44% drop from January’s level of 0.00001457. While Bitcoin has surged 49.47% against the dollar so afar this year, XRP has dropped 18.74% in the same period.
Ripple (XRP) Price Analysis
XRP‘s price has been in a downtrend since its macro high of $0.73 on March 11. It fell to a low of $0.42 on April 13, dipping below its ascending baseline support, but then recovered to hover around $0.50.
The daily chart’s RSI and MACD suggested that the downtrend might have ended on April 13, indicating a potential new uptrend. However, further confirmation is needed, specifically a breakout above the descending resistance.
An attempt to surpass this resistance occurred on April 22, when the price reached $0.57, but was rejected. Indeed, hovering around $0.50 could be bullish. This is because the previous rejection should have caused a larger drop if the major downtrend were still in effect.
A breakout above the descending resistance could signal a new bullish phase for XRP, potentially leading to a sustained rise to $1 and beyond.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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