XRP and other digital currencies in the cryptocurrency space have been experiencing notable price plummet over the past 48 hours. It has quite been devastating for the majority of cryptocurrencies, including XRP and Bitcoin.
Peter Brandt, a popular and experienced trader in the crypto space has singled out that XRP would face further drop due to the market manipulation of Ripple, the blockchain company that oversees the distribution of the digital currency.
In the past, Ripple has constantly been accused of artificially bringing about the inflation of the price of XRP, in order to prove its tireless ground work to keep gaining the trust of investors and traders that constitute XRP community.
However, since XRP, the third largest digital currency by market capitalization attained its price all-time high of $3.84 in January 2018, it’s been exhibiting constant slow growth. Although the slow growth is actually not limited to XRP, but much seem expected of a digital asset surrounded with daily hypes and developments.
So, more criticism has been directed at XRP when compared to other digital currencies. Particularly, when Ripple partnered the global payment, MoneyGram, there was expectation of instant impact on the growth of the cryptocurrency, due to how the partnership came about and the presumed purpose of the strategic collaboration.
XRP/BTC recently touched its lowest level in 48 months, while XRP against US Dollar also recorded its lowest in 11 months. At the time of filing this report, XRP is trading at $0.264288, with relatively 9% price plummet in the last 24 hours.
Peter Brandt Accuses Ripple of Manipulating XRP Price, Claims .020725 Price Still Possible for the Digital Asset
Peter Brandt is a well-known cryptocurrency enthusiast and trader with years of experience. He recently accused Ripple (US-based Payment Company that oversees the distribution of XRP) of manipulating the price of its token, XRP.
Brandt warns investors and traders of a notable price plummet that would hit XRP soonest. Despite the drastic drop in market value of XRP, Brandt still believes it’s as a result of Ripple’s artificial intervention (manipulation), otherwise, it could have been worse.
He pointed that failure for XRP to hold $0.26 support could end in it losing about 20 percent of its present price. Brandt specifically attributed this to the recent sell-offs of large volume of the digital asset by Ripple executives.
Read Brandt’s statement below:
“Will Ripple be able to manipulate the market to keep $XRP above .2400? A serious breakdown at this level, and .020725 is in the cards,”
— Peter Brandt (@PeterLBrandt) August 14, 2019
Other Digital Currencies in the Market
As earlier mentioned, other top digital currencies also share in this present supposed bear market. Bitcoin, the largest cryptocurrency had embarked on significant price plummet over the past few days. If an analyst’s sentiment has to be considered, BTC could still trade in $8,600 price region.
Ethereum (ETH), the second largest cryptocurrency has also recorded below par performance, with relatively 10% price decrease on 24 hours basis.
All top 20 digital currencies, except Tether (USDT) have their own defection in the present bear market, due to the quantity of their price losses in the last 24 hours.