he legendary trader Peter Brandt made a very bearish comment on the XRP course. According to him, the third largest cryptocurrency by market capitalization could see a true downward slide against the Bitcoin rate. In his view, only a small spark is missing.
You can find out today and here what could trigger this last spark. As usual, it will be exciting!
XRP course and its last desperate battle
Peter Brandt has recently published a new chart, according to which the XRP rate could drop to just 1,100 sats versus the Bitcoin rate. In his opinion, this could happen as soon as the "bagholders" finally give up their XRP.
In his opinion, the support line is the last “desperate” line of defense at just under 2,300-2,400 sats. If this is lost compared to the Bitcoin rate, in his opinion the XRP rate could lose a lot of ground.
The XRP course has been under strong selling pressure since October 2019 and support with around 2,300 Satoshis seems to be the last bastion of the XRP owners.
The investor Preston Pysh said it was "a great chart". He also recently expressed himself very critical of the future of XRP. In his opinion, the XRP rate cannot grow organically because the token lacks an incentive structure.
Ripple puts its sales on hold
The company Ripple , which holds almost 60 billion XRP, is often criticized for exerting selling pressure on the XRP course. This is constantly contested by the company's executives, including CEO Brad Garlinghouse, as it is not in their interest to push the price of XRP.
Recently, Ripple drastically reduced its quarterly sales, with only $ 1.75 million worth of XRP sold in the first quarter of 2020 (a 99.3 percent decrease from the second quarter of 2019). However, the XRP course has so far recovered only with difficulty.