Veteran Trader Peter Brandt: 'XRP Is Manipulated Scam'

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Fri, 06/05/2020 - 06:03
Alex Dovbnya
Trading veteran Peter Brandt is patiently waiting for XRP to plunge to zero while calling the fourth-largest cryptocurrency ‘a manipulated scam’
Veteran Trader Peter Brandt: 'XRP Is Manipulated Scam'
Cover image via www.youtube.com
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Eminent commodity trader Peter Brandt is still convinced that XRP is a ‘manipulated scam,’ according to his recent Twitter comment.

Brandt
image by @PeterLBrandt

He also doubled down on his prediction that the price of the token could go to virtually zero, asking traders for more patience.

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‘A dead end’

Back in May, Brandt stated that more than four decades of trading experience had taught him to discern legitimate projects from possible scams.  

In an earlier tweet, he claimed that the price of XRP, which has been pretty much anemic for the past year, is only supported by its ‘bag holders.’ 

The token has been under aggressive selling pressure since October 2019. While Bitcoin (BTC) recently managed to surge back to its 2020 high of roughly $10,500, XRP remains down 42 percent from its February peak of $0.35.

XRP
image by www.tradingview.com

The trader considers XRP ‘a dead end’ while caustically suggesting that it should be given out for free.  

He also claimed that Chainlink (LINK), the high-flying token of 2019, was a big fat nothing that was being bought by those who jumped the XRP ship.     

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Many detractors

Brandt is far from being the only member of the cryptocurrency industry who doesn’t hide his disdain for XRP, a cryptocurrency plagued by centralization concerns.  

In a recent interview with U.Today, former Wall Street trader Tone Vays called XRP ‘a scam coin’ that was created by Ripple Labs  ‘out of thin air.’

UFC star Ben Askren, who is now a crypto proponent, also used the s-word to describe the token with a market cap of $9 bln. 

Mark Yusko, the CEO of Morgan Creek Capital, refuses to add the 'too closely held’ cryptocurrency to his cryptocurrency index fund. Meanwhile, financial analyst Preston Pysh believes that the XRP price cannot grow organically.

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.