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Peter Brandt, one of the most highly reputed commodity traders, has predicted that the price of the Ripple-affiliated XRP cryptocurrency is going to plunge to zero against Bitcoin.
His doom-laden forecast is based on a head-and-shoulders (H&S) pattern that spans 11 years.
The 77-year-old chartist has warned that the completion of this pattern could render the XRP price virtually worthless.
XRP is currently trading at 0.00000861 BTC on the Bitstamp exchange.
In a separate post, Brandt predicted that the token will retain a value of roughly three pennies in U.S. terms.
According to CoinGecko data, XRP is changing hands at $0.52 after declining 11% over the past 24 hours. The cryptocurrency has been hit hard by the SEC's appeal.
Brandt caustically joked that Ripple is the formal name of "RIP PPL OFF" in light of the company's latest predicament.
As reported by U.Today, Ripple CEO Brad Garlinghouse described the appeal as "infuriating," but he added that the company was determined to continue fighting.
Brandt has always been vocal about his aversion toward the O.G. ("original gangster") altcoin.
The prominent commodity trader also mentioned the "multi-year complex" H&S pattern in August, predicting that the XRP community will "slowly disappear to never be seen again" if the pattern in question ends up playing out.
In May, Brandt stated that XRP should be viewed as a security. "XRP should be considered a security. Eventually, it will be," Brandt said months before the SEC's appeal.
Gamza Khanzadaev
Denys Serhiichuk
Dan Burgin
Vladislav Sopov
U.Today Editorial Team