Uncertainty continues to loom over XRP, one of the most debated cryptocurrencies. Some analysts foresee a rise to $5, while others predict a drop to $1. Renowned trader Peter Brandt recently issued a warning that has sparked concern among investors.
What Did Peter Brandt Say?
Peter Brandt, a well-known market expert, suggested that XRP might lose value against Bitcoin (BTC) as it edges towards its historical lows. Through a tweet, Brandt indicated that the XRP/BTC pair is at risk of dropping below its long-term low range, raising questions about XRP’s future.
How is XRP Performing Now?
Brandt also mentioned that XRP has the potential for upward movement compared to BTC in the current market cycle. However, he emphasized that the “burden of proof” remains with XRP. According to him, the XRP/BTC pair has been on a downward trend since 2017. BTC is currently trading at $61,534, having dropped by approximately 2.27% in the last 24 hours.
BTC’s market cap holds steady at just over $1.2 trillion, with a 24-hour trading volume of $28 billion, reflecting a 5% increase following a recent surge.
What is XRP’s Current Value?
XRP is currently priced at $0.504, with a market cap of $27.9 billion, placing it 7th on the CMC list. It has seen a 1% decline in the last 24 hours, while its 24-hour trading volume has risen by 6%, surpassing $1 billion.
Investor Takeaways
- XRP might decline further against BTC, according to Peter Brandt.
- XRP has demonstrated a downward trend against BTC since 2017.
- Despite short-term potential, XRP’s long-term outlook remains uncertain.
- Investors should closely monitor the SEC vs. Ripple lawsuit, as it could significantly influence XRP’s price.
Due to the ongoing SEC vs. Ripple case, XRP remains one of the most unpredictable assets in the cryptocurrency market. Investors are keenly observing the legal proceedings, hoping a favorable outcome could drive XRP back to the $1 mark.