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- Ripple-backed XRP price has lost 70 percent of its value against Bitcoin since 2017 despite the 2021 crypto bull market.
- Veteran trader Peter Brandt believes XRP will continue to lose its value against Bitcoin in the near term, and most probably be outshined by other altcoins.
Ripple Labs-backed XRP is one of the underperforming altcoins in the top 20 most valuable digital assets by market cap. The large-cap altcoin, with a fully diluted valuation of about $50 billion and an average daily traded volume of around $814 million, has in the past been described as a zombie altcoin.
Furthermore, XRP price has been outshined by Bitcoin (BTC) in the past five years. According to the latest market data, XRP price has only gained around 63 percent in the last five years while Bitcoin price is up more than 1000 percent in the same period.
Peter Brandt Predicts Dooms Day for XRP Holders
According to a veteran and revered stock and crypto trader, Peter Brandt, XRP price against Bitcoin will continue to dip in the coming months, despite the signals of the inevitable altseason. Brandt reminded XRP enthusiasts that the Ripple-backed digital asset has lost more than 70 percent of its value in the past five years.
“It is fun poking a stick at XRP_aholics. My comparison is to BTC, not USD, so here is what I don’t understand. How can XRP bulls be so insistent in that XRP is near ATLs vs BTC, and, has only closed higher than present levels in 6 of the last 126 months?” Brandt noted.
Brandt highlighted that the XRP/BTC chart from a pure classical charting point of view, the altcoin is headed for lower lows. Consequently, Brandt has received a lot of hostile reviews, mostly from XRP enthusiasts. For instance, one trader pointed out that XRP price outshined most of the crypto assets in 2017, immediately after Brandt shared a similar XRP charting.
Ppl so cocky about an asset class (XRP vs BTC) should have a little more performance on their pathetic side before being too critical
— Peter Brandt (@PeterLBrandt) May 13, 2024
Why Now?
The past three years have been dramatic for XRP holders amid the monthly market dump by Ripple amid the ongoing lawsuit. As the crypto market prepares for the parabolic phase of the bull cycle, XRP has continued to lag. For instance, the leading cryptocurrency exchange by daily traded volume Binance, announced on Tuesday that it will discontinue the support for XRP in its multi-asset mode due to low demand and perhaps regulatory pressure.
As Crypto News Flash previously pointed out, the US SEC has been pushing the court to fine Ripple $2 billion for violating securities laws. Although Ripple has won a significant portion of its arguments in court, more crypto investors have been leaning towards promising web3 projects, especially without legal hurdles.
Price Action
XRP price against the US dollar has established a solid support level of around 50 cents in the recent past. However, the large-cap altcoin must regain the weekly support level above 58 cents or risk dropping further in the near term.
According to the latest market data, XRP price is down around 2.3 percent in the last four weeks to trade around 50 cents on Wednesday, May 15, 2024.
