Ripple Gets Ridiculed After XRP/BTC Breaks Below Key Level

Tyler Hromadka

Source: Adobe/sorapop.

After frustrating veteran holders over the past number of years, the XRP/BTC trading set the other day broke through yet another essential assistance level, resulting in Ripple— the business connected with XRP– being called out on Twitter by veteran chart analyst Peter Brandt.

While sharing a chart that revealed how the rate of XRP has actually fallen below the enduring assistance level at BTC 0.00002060, Peter Brandt stated that Ripple “has blown the wad allocated to support XRPBTC,” while indicating a most likely next level of assistance for the token at around BTC 0.0000194

Looks like Ripple Labs @Ripple has actually blown the heap assigned to support XRPBTC at.00002060 to.0002075 levels. If ic …

— Peter Brandt (@PeterLBrandt)

Based on Brandt’s analysis, XRP may thus have a downside of about 30% from current levels before it reaches its first line of major support.

If these predictions for the next support level turns true, it would take XRP back down to price levels not seen since early December 2017, a decline of more than 90% in BTC terms since its all-time high in January 2018.

XRP/BTC broke down through a key assistance level on Wednesday, however saw a minor recovery once again Thursday early morning.

The popular analyst got numerous replies on his tweet, with some users questioning why Brandt as soon as again shared his ideas on XRP after having said that he “would never again post a chart of XRP.” To this, Brandt replied “Ya, I know, broken promise. But I just cannot stand not taking a shot at XRP when it deserves to be shot at.”

Others, on the other hand, signed up with the conversation in assistance of Brandt, with one user saying XRP is “the worst investment I’ve made,” and another calling it “the biggest let down in the crypto space for 2.5 years” regardless of various favorable news from Ripple.

At pixel time (13: 45 UTC), XRP, ranked fourth by market capitalization, trades at USD 0.198 and is down by 2% in a day and by 3% in a week. The rate is up by nearly 2% in a month, however it visited 49% in a year.

In contrast, other cryptoassets from the top 10 by market capitalization are up by 17% typically in a month. Just bitcoin (BTC) and bitcoin SV (BSV) are up in a year (21% and 1% respectively), while other coins (not consisting of XRP) are down by 37% on average.

Learn more: Ripple Would Be Unprofitable Without XRP Sales, CEO Confesses

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