- Legendary investor Peter Brandt recommended his followers to invest in Bitcoin and ignore the asset XRP.
- Weiss Ratings believes that XRP is in a downward trend that could continue.
In response to a discussion initiated by economist Trinh Nguyen about the distribution of global wealth, legendary trader Peter Brandt made a series of investment recommendations about Bitcoin and XRP. The economist stated in a tweet that the generation known as “Baby Boomers”, that is, people over 60 years old had 21% of wealth by midlife. Now, the millennials (people between 28 and 40) own only 3%.
Brandt said this is a consequence of poor financial education from one generation to the next. In addition, he advised his millennial supporters to cut back on unnecessary things, such as a Starbucks coffee. Brandt said these expenses add up over time. He further outlined:
I will give you the same advice I give my X Gen children and M Gen nephews and nieces Buy a home — any home, but get into the housing market Work two jobs if you need to Invest 10% of what you can afford in BTC Invest monthly in quality tech and value stock ETFs.
Criticism on XRP
Brandt also took the opportunity to launch new criticism against the XRP digital asset. The legendary operator told his followers to “not put your faith in XRP”. Brandt is known in crypto space as one of the fiercest critics of the digital asset used in some of Ripple’s payment solutions. In April of this year, Brand said the asset is worthless. He said on his Twitter account that “giving away XRP” corresponds to its real value which, by inference, would be 0. In addition, he also said that the XRP market is manipulated.
According to data analysed by Weiss Crypto, XRP has shown a low performance compared to other cryptocurrencies such as Bitcoin and Ethereum. While XRP has risen only 66%, BTC and ETH have risen 150% and 160% respectively since “Black Thursday” in March. When analyzing its performance during May, it is revealed that XRP has lost about 20% of its price. That’s why Weiss Crypto says:
XRP appears to be in a bear market. It keeps making lower highs and lower lows, with the most recent low being as early as May of this year.
For his part, Peter Brandt made a prediction about the price of XRP that could still come true. According to the chart below, Brandt said the following:
This chart tells me the bag holders (who need to dump > 40 Bil XRPs) are supporting XRPBTC at .000023 to .000024 as a desperate last stand. Sellers more aggressive since Oct ’19 If the bag holders back away, look for decline to $.000011
