Trading Legend Peter Brandt Continues to Insist That XRP Is Manipulated Scam

News
Wed, 06/24/2020 - 06:12
Alex Dovbnya
Trading veteran Peter Brandt is not getting tired of taking aim at XRP and its proponents
Cover image via www.peterlbrandt.com
Contents

Peter Brandt, a veteran commodity trader with 40 years of experience, has once again lambasted the XRP token as a ‘manipulated scam’ in his recent tweet.   

image by @PeterLBrandt

He believes that Ripple Labs, the blockchain company that owns 60 percent of the token’s supply, has been pulling all the strings since introducing the token.    

Related
Peter Brandt Has Hilarious Response to This XRP Scam

XRP drops to a 2.5-year low against Bitcoin    

Earlier this month, Brandt mentioned that it would only be a matter of time before the token would plunge to virtually zero. 

He considers XRP to be a ‘manipulated market’ that will eventually come to ‘a dead end.’
 
On June 11, Brandt also noticed that XRP had lost a crucial support level at 2,300 satoshis, and it could plunge all the way to 1,450 satoshis as soon as ‘bagholders’ abandon the token.

His call was rather prescient given that XRP dipped to 1,944 satoshis, its lowest level in more than two and a half years, on June 22.  

image by www.tradingview.com

As reported by U.Today, Messari found that XRP’s cost basis was about 86 percent lower compared to its price.   

Related
Ripple Loses Former CME Executive Who Was Behind XRP Success

‘Too many rude trolls’

Back in February, Brandt criticized the XRP fans for their ‘rudeness and immaturity,’ but he admits that it’s fun to see replies from ‘XRP_OCDs.’

However, don’t expect Brandt to tweet about Bitcoin more than a couple of times per year because of rude trolls. 

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

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.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy