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Peter Brandt Ridicules XRP Holders as Token Crashes 97 Percent Against Bitcoin

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Sun, 03/14/2021 - 09:30
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Alex Dovbnya
Peter Brandt says pig iron has outperformed XRP, mocking the token's holders
Peter Brandt Ridicules XRP Holders as Token Crashes 97 Percent Against Bitcoin
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Feeling vindicated, veteran trader Peter Brandt took a jab at the holders of the XRP cryptocurrency in his recent tweet.    

The renowned chartist claims that the proponents of the seventh-largest cryptocurrency have fallen for the alleged trickery of Ripple Labs, its affiliated company, “hook, line, and sinker.”

Brandt uses the fishing metaphor to accuse the community of buying into the narrative without even questioning it, just fish gulp down its bait from a rod without any hesitation.   

He has been an unabashed critic of the XRP for years, using such strong words as “manipulated scam” to characterize it in the past. 

In early November, Brandt claimed that the Securities and Exchange Commission had to declare XRP as a security, just a little over a month before the regulator brought its landmark lawsuit against Ripple:   

XRP would have been declared as a security if the SEC understood cryptos. This is a classic case of a market being manipulated by a bag-holder.

Related
SEC Strikes Back at XRP Holders by Moving to Dismiss Their Petition

XRP is down 97 percent against Bitcoin   

XRP is one of the very few cryptocurrencies that are yet to catch up with the broader rally led by Bitcoin. In late 2020, it collapsed over 73 percent following the SEC lawsuit.     

The embattled token is still down 87 percent from its all-time high of $3.40 reached on Jan. 7, 2018.  

In fact, the XRP/BTC pair is now down over 97 percent from its peak in May 2017.   

Peter Brandt
Image by @PeterLBrandt

Without pulling his punches, Brandt notes that pig iron has outperformed XRP.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.