Veteran Cryptocurrency trader and author of number one Amazon trading book “Diary of a Professional Commodity Trader”, Peter L. Brandt, has berated XRP by stylishly likening the digital currency’s daily chart to that of a manipulated market.
Peter, who said XRP daily chart has all the signs of a manipulated market, maintained that such markets may not favour investors.
He said: “The XRP daily chart has all the earmarks of a manipulated market. Manipulated markets historically have not ended well for the bag holders.”
— Peter Brandt (@PeterLBrandt) March 1, 2019
While some XRP enthusiasts have argued that what peter called “manipulated” daily chart is an indication of a reversal that occurred after the Coinbase Pro recently listed XRP, others have criticized that Ripple Inc., a Sans Francisco-based financial blockchain technology firm gaining prominence in the cross-border remittance world, is behind the market manipulations.
Legendary Peter Brandt, with his decades of market experience cutting across different markets, predicted Bitcoin’s over 80% decline. To everyone’s surprise, Peter pointed at a less than $4,000 target in the prediction made on January 22nd 2018.
“General TA rule — violation of parabolic advance leads to 80%+ decline in value. If general rule is followed, BTC should retrace to <$4,000. Note: This Tweet does not make me a hater.”
General TA rule — violation of parabolic advance leads to 80%+ decline in value. If general rule is followed, BTC should retrace to <$4,000. Note: This Tweet does not make me a hater. pic.twitter.com/jDNI1osinU
— Peter Brandt (@PeterLBrandt) January 22, 2018
Late 2018, Peter, 72, had said crypto or metal maximalists feel that when their metal or crypto goes up, they say it is destiny, but when it goes down, they see it as manipulation.
“To a crypto or precious metal maximalist, when their “pet rock” goes up it is destiny, when it goes down it is manipulation.”
XRP Is Being Vilified Day in Day Out
XRP had gone through series of condemnations in the past. Before XRP was listed on Coinbase pro, anti XRP community had said the digital asset won’t be listed on the exchange because it’s allegedly a security owned and manipulated by Ripple.
Shortly after it was listed on Coinbase pro, some sect among the crypto enthusiasts argued that Ripple paid a certain amount to get XRP listed on the prominent exchange. Also, contributors on notable news platforms like Coin Desk and Forbes have also joined in pointing accusing fingers at Ripple.
Meanwhile, all these accusations have been rendered baseless by some notable XRP enthusiasts and researchers.