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This Is What Happens When 'Bag Holders' Abandon XRP, According to Peter Brandt

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Wed, 05/06/2020 - 19:11
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Alex Dovbnya
Reputed chartist Peter Brandt predicts that XRP is going to tank against Bitcoin (BTC) the moment its “bag holders” decide to jump ship
This Is What Happens When 'Bag Holders' Abandon XRP, According to Peter Brandt
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Legendary trader Peter Brandt has taken another jab at XRP, the third-largest cryptocurrency by market capitalization. 

He recently posted a new chart, which predicts that the XRP price could drop to just 1100 sats against Bitcoin if “bag holders” finally abandon it.

Related
Peter Brandt Ridicules Bitcoin (BTC) Price Chart That Predicts $1,800 After Halving

“A desperate last stand”

Brandt refers to those who bought more than 40 bln XRP (40 percent of the cryptocurrency’s maximum supply that is not controlled by blockchain company Ripple Labs).

The token has been under a lot of selling pressure since October 2019, and the 2300 satoshis support appears to be the final stand for XRP holders.   

Investor Preston Pysh commented that it was “a great chart.” As reported by U.Today, he believes that the token's price cannot grow organically since it lacks an incentive structure.    

Related
Trading Legend Peter Brandt Recommends Buying XRP at This Price Level

Ripple puts its sales on hold

Ripple, which holds close to 60 bln XRP, is often criticized for inflicting selling pressure on the token. This is something that the company’s executives, including CEO Brad Garlinghouse, constantly deny since it’s not in their best interest to tank the price of XRP.

Recently, Ripple drastically reduced its quarterly sales, with only $1.75 mln worth of XRP sold in Q1 2020 (a 99.3 percent decline from Q2 2019).

However, the token’s price has so far struggled to recover. It is currently sitting at $0.217, according to CoinStats data.

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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.