Veteran cryptocurrency chartist and trader, Peter Brandt, has again forecasted that there is a high chance the price of XRP token tilts toward zero.
The septuagenarian utility trader is prominent for making horrible remarks about XRP. In February, the veteran trader observed that a “head and shoulders” shape had been observed on the XRP chart, which could translate into 8% fall.
The trader, who is specialized in both traditional and crypto-assets, noted the pattern for XRP/USD then, had the potential to send prices lower.
He concluded that the price of the digital asset could go to $0.20. That February, XRP touched $0.35 before falling to $0.27.
“It will be interesting to see if this H&S top plays out. If so, the target would be 2071,” he said.
This time around, Peter Brandt, who fondly refers to himself as a fan of simplicity in a chart, observed that some bag holders who need to dump around $40 billion XRP token are supporting “XRPBTC at .000023 to .000024 as a desperate last stand.”
Peter concluded that some XRP holders have been in an aggressive condition since Oct 2019.
According to him, any attempt by this bag holders to back out, XRP will decline to $0.000011, a ridiculous price outrightly condemned by some XRP enthusiasts as some said the price is impossible this time owing to the bullish effect surrounding the crypto market.
“If the bag holders back away, look for [sic] decline to $.00001.”
I am a fan of simplicity in a chart. This chart tells me the bag holders (who need to dump > 40 Bil XRPs) are supporting $XRPBTC at .000023 to .000024 as a desperate last stand. Sellers more aggressive since Oct '19
If the bag holders back away, look for decline to $.000011 pic.twitter.com/yFYiW7IXt0
— Peter Brandt (@PeterLBrandt) May 6, 2020
Earlier, Peter Brandt had suggested to one of his followers to wait until XRP touches .00826USD before buying more. The same Peter referred to XRP token as a “scam” late April.
Been bought by a bunch of people who finally figured out XRP was a scam
— Peter Brandt (@PeterLBrandt) April 28, 2020
As the tirades against XRP continues, at the time of filing this report, the digital currency is changing hands at $0.2140 as Bitcoin attempt to hit $10,000.