As a researcher with a background in technical analysis, I find Peter Brandt’s assertion that the XRP/BTC exchange rate could potentially hit zero a fascinating perspective. Brandt’s analysis is rooted in traditional charting techniques inspired by charting pioneers such as Schabacker, Edwards, and Magee.
As a charting expert in the global financial markets, I’ve recently analyzed the XRP to Bitcoin (XRP/BTC) exchange rate following the insights shared by Peter Brandt. Based on traditional techniques inspired by charting pioneers like Schabacker, Edwards, and Magee, I believe this ratio could potentially reach a value of zero.
According to the traditional perspective of technical analysis, as represented by Schabacker, Edwards, and Magee, this chart appears to be trending towards a potential price of zero for XRPBTC.
Why Brandt Thinks XRP Is Going To Zero Vs. BTC
As a researcher studying the relationship between XRP and Bitcoin, I’ve noticed a concerning trend when examining their price dynamics. The chart illustrates how XRP has been testing significant support levels repeatedly throughout its history. Specifically, the weekly chart reveals a pattern of ups and downs, with particularly high peaks in the year 2017 and a steep drop-off starting from around 2018.
Over the past few days, the XRP/BTC ratio has been fluctuating near a significant support level, represented by a horizontal dashed line on the graph. It is important to note that the XRP/BTC pair has exhibited substantial price fluctuations throughout its history. Following a peak at 0.00025 BTC in late 2017, this ratio has been on a predominant downward trend, particularly noticeable since September 2018. Brandt observed that the value of XRP relative to Bitcoin has declined by approximately 70% from its November 2017 peak.
Expert response:
Additionally, this chart shows the presence of two moving averages. Specifically, an 8-week Simple Moving Average with a value of 0.00000838 BTC, and a 18-week SMA at 0.00000990 BTC. The price being below both averages implies bearish trends in the market.
As a researcher examining financial data, I’ve noticed that the Relative Strength Index (RSI) on the chart, calculated over a 14-week period, currently stands at 28.80. This figure is close to the oversold territory, which is typically indicative of a potential price recovery. However, I cannot ignore the prevailing bearish sentiment that seems to persist, and this warrants a cautious approach.
Peter Brandt’s perspective on the potential decline of the XRP/BTC ratio to near zero stems from the persistent failure of the price to recover from essential support points and the unabated downward trend without any indications of a turnaround. His analysis underscores a pessimistic viewpoint for XRP relative to Bitcoin, highlighting the significance of these technical markers in anticipating future price fluctuations.
As a researcher investigating the cryptocurrency market, I came across Brandt’s recent post on X, where he reiterated his stance that XRP‘s performance falls short compared to Bitcoin. He questioned the persistence of XRP bulls in arguing that XRP is closer to its all-time lows (ATLs) than Bitcoin, as evidenced by the fact that XRP has only closed above its current levels in six out of the last 126 months.
At press time, XRP traded at $0.49845.
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2024-05-13 11:29