Jun 7, 2020
XRP Down course shortly before a breakout, while Peter Brandt describes XRP as a manipulated scam
By The Crypto Basic on The Capital
Although positive ripple news has been hitting the headlines again lately, the XRP course still looks rather sobering. The long-term downward trend continues undeterred and drives the value of the XRP tokens to the dismay of many investors. Once again it becomes clear that Ripple and XRP are not congruent. What is good for Ripple is not necessarily good for XRP and its investors.
However, something is currently brewing on the XRP price, so you can assume that there could soon be a significant price movement. The only question is: in which direction?
The XRP price could face a 50% price change
According to an XRP forecast on Bitcoin-Bude, the XRP price could face a price movement of 50 percent or more. The reason for this is the chart pattern in which the price promotions of the past few weeks have taken place. Together they form a symmetrical triangle.
Symmetrical triangles can dissolve in both directions. They are neither bullish nor bearish chart patterns. However, since this is a triangle top, there is a slight tendency for a bullish resolution. However, this tendency is not significant enough to be too hasty in a certain direction. It is therefore advisable to wait for the direction of the outbreak.
The price movement that will follow the breakout regardless of direction may be significant for the XRP rate. In the event of a bullish resolution, it is likely that the XRP will test the long-term downtrend line. A bearish resolution, on the other hand, could drive the XRP course deep into the basement. For more detailed information and course goals, you can access the XRP course analysis on Bitcoin-Bude.
“XRP is a manipulated scam”
While the future of the XRP price is uncertain according to the chart analysis, it already seems clear for the respected commodity trader Peter Brandt. He remains convinced that XRP is a “manipulated scam.” Accordingly, in his opinion, the XRP course can only run in one direction. At least that’s what he said in his latest Twitter comment.
In this tweet, Peter Brandt at least lacks an immediate justification for this claim. It is quite possible that it refers to the entire construct that surrounds the XRP token. Sales by Ripple itself also play an important role in the XRP course. Ilja has only recently taken up this topic again and analyzed it for our readers. He decides that it doesn’t look good for XRP’s long-term investors. Demand is stagnating, while supply will remain the same over the next few years and will be entirely at Ripple’s discretion.
