In a scathing tweet, commodity trader Peter Brandt claims that Ripple Labs, the blockchain payments company that ‘discovered’ XRP and owns 60 percent of its total supply, is now giving up on it.
He assumes that the San Francisco-based giant has ‘blown the wad’ that was allocated to support the XRP above a critical support level.
XRP/BTC loses key support
Brandt noted that the XRP price dipped below 2,060 satoshis following Bitcoin’s latest rally to the $10,000 mark.
If the fourth-largest cryptocurrency fails to reclaim the aforementioned level, Brandt expects it to plunge all the way to 1,450 satoshis.
Back in May, Brandt tweeted that 1,100 satoshis could be possible for XRP if its ‘bagholders’ finally capitulated.
On June 10, XRP reached its lowest point against BTC since December 2017.
The XRP/BTC pair is currently down a staggering 91 percent from its peak of nearly 23,000 satoshis that was logged in January 2018.
As reported by U.Today, Brandt claimed that he would no longer tweet about XRP following a spat with its aggressive community.
Notwithstanding the promise, the trading legend now says that he couldn’t resist taking another shot at the controversial cryptocurrency when it deserved it so much.
The self-described ‘boomer who hates XRP’ recently called the token a ‘manipulated scam.’
Prior to that, he alleged that XRP was supposed to be handed out for free while replying to a giveaway sham.