Renowned trader Peter Brandt predicted a potential 50% drop in the value of XRP XRP/USD on Saturday, marking a significant shift from his previous bullish predictions.
What Happened: Brandt, a seasoned chartist with nearly 50 years of experience, compared the cryptocurrency to a “Beanie Baby” and a “Pet Rock,” suggesting that it had little worth and that its market was based on speculation.
Pet Rocks and Beanie Babies were a set of convertible toys that emerged as a major fad during the late 70s and the 90s, respectively. Much of their value was derived out of hype.
Brandt drew attention to the formation of a “classic complex” head and shoulders pattern for XRP. Typically, the formation predicts a bullish-to-bearish trend reversal, characterized by three peaks forming a “head” and two “shoulders.”
“This could become bullish if 3.0 is exceeded, otherwise the implications is a decline to 1.07,” the seasoned trader warned. Should the bearish prediction prove correct, it would mean a nearly 50% drawdown from the current price.
Brandt also urged skeptics who might have a problem with his prognosis to read John Magee and Robert D. Edwards’ widely popular book on technical analysis.
See Also: Shiba Inu Attracts More Diamond Hands Than Bitcoin, Ethereum But Is High Whale Concentration Something To Lose Sleep Over?
Why It Matters: Brandt’s bearish prediction marked a significant shift from his previous bullish takes on XRP. In December 2024, he had deemed XRP’s price chart as the “most powerful” after a breakout from a symmetrical triangle pattern. He had also predicted a potential $500 billion market cap for XRP in January, should certain trading patterns come to fruition.
Overall, Brandt has been a longtime XRP critic, and his views have routinely drawn the ire of XRP enthusiasts.
Meanwhile, whales continued to dump the third-largest cryptocurrency. According to an X post by influential cryptocurrency analyst Ali Martinez, over a billion XRP’s were offloaded in the previous 48 hours.
Price Action: At the time of writing, XRP was exchanging hands at $2.11, down 4.84% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency was up 0.48%.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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