11 Jun 2020 · 1 min read

Ripple Gets Ridiculed After XRP/BTC Breaks Below Key Level

After disappointing long-time holders over the past couple of years, the XRP/BTC trading pair yesterday broke through yet another important support level, leading to Ripple – the company affiliated with XRP – being called out on Twitter by veteran chart analyst Peter Brandt.

Source: Adobe/sorapop

While sharing a chart that showed how the price of XRP has fallen below the long-standing support level at BTC 0.00002060, Peter Brandt said that Ripple “has blown the wad allocated to support XRPBTC,” while pointing to a likely next level of support for the token at around BTC 0.0000194.

Based on Brandt’s analysis, XRP may thus have a downside of about 30% from current levels before it reaches its first line of major support.

If these predictions for the next support level turns true, it would take XRP back down to price levels not seen since early December 2017, a decline of more than 90% in BTC terms since its all-time high in January 2018.

XRP/BTC broke down through a key support level on Wednesday, but saw a slight recovery again Thursday morning. Source: www.tradingview.com

The well-known analyst received many replies on his tweet, with some users questioning why Brandt once again shared his thoughts on XRP after having said that he “would never again post a chart of XRP.” To this, Brandt replied “Ya, I know, broken promise. But I just cannot stand not taking a shot at XRP when it deserves to be shot at.”

Others, meanwhile, joined the discussion in support of Brandt, with one user saying XRP is “the worst investment I’ve made,” and another calling it “the biggest let down in the crypto space for 2.5 years” despite numerous positive news from Ripple.

At pixel time (13:45 UTC), XRP, ranked 4th by market capitalization, trades at USD 0.198 and is down by 2% in a day and by 3% in a week. The price is up by almost 2% in a month, but it dropped by 49% in a year.

In comparison, other cryptoassets from the top 10 by market capitalization are up by 17% on average in a month. However, only bitcoin (BTC) and bitcoin SV (BSV) are up in a year (21% and 1% respectively), while other coins (not including XRP) are down by 37% on average.

Learn more: Ripple Would Be Unprofitable Without XRP Sales, CEO Admits