The post Ripple News: Peter Brandt Predicts XRP Price Might Crash to $0.034 Amid SEC Appeal appeared first on Coinpedia Fintech News
Peter Brandt, a well-known commodity and forex trader, has shaken up the XRP community with his latest bearish price prediction. As Ripple continues to battle with the U.S. SEC, Brandt forecasted that XRP’s value will sink to $0.034 in the long term. This bleak outlook was shared alongside a historic price chart, further fueling his prediction.
He highlighted a “multi-year complex” head and shoulders (H&S) pattern for XRP in August, warning that if it materializes, the XRP community could “slowly disappear to never be seen again.” Earlier in May, Brandt also expressed his belief that XRP should be considered a security, predicting that it eventually will be. His statements came months before the SEC’s recent appeal, aligning with his longstanding bearish stance on the cryptocurrency.
Ripple “RIP PPL OFF” Jab Sparks Reactions
Brandt didn’t hold back, humorously referring to Ripple as “RIP PPL OFF” in his X post. His comment, combined with the bearish prediction, generated a wave of responses. Many of Brandt’s followers echoed his sentiments, with some even suggesting XRP’s value could fall to zero. Others were more cautious, stating that only time will reveal the truth behind XRP’s future price action. However, the sentiment among some in the community remains hopeful, dismissing the dire forecast.
XRP Supporters Stand Firm Despite Price Slump
Despite the forecast, loyal XRP supporters remain optimistic. They argue that the SEC’s appeal in the Ripple lawsuit could solidify XRP’s legitimacy, eventually boosting its price. Even with the coin experiencing a 15% drop, currently trading at $0.5261, trading volume has surged by nearly 39%, suggesting that many investors are still backing XRP.
SEC Appeal Shakes the Market
The ongoing SEC appeal has undoubtedly put pressure on XRP’s price. The regulator filed the motion just before the October 7 deadline, challenging parts of Judge Analisa Torres’ July 2023 ruling. This appeal has led to growing uncertainty in the market, but legal experts argue that the SEC’s chances of success are slim. Many crypto lawyers believe Ripple holds a strong case, which could provide a turning point for XRP in the long run.
What Lies Ahead for XRP Price?
In addition, the XRP community is feeling both resilient and fearful in response to Peter Brandt’s analysis. While some investors are holding tight in anticipation of more price declines, others are placing bets on Ripple’s continued legal battle victories. Only time will tell if Brandt’s prediction comes to pass or if Ripple will fare better under SEC scrutiny as XRP continues to navigate these crazy times.
