Peter Brandt, a well known technical analyst voiced his opinion on XRP recently. Brandt believes a correction in the bitcoin market could affect other altcoins drastically. From his analysis, he notes that XRP will take a big hit and could see the price fall half its present price to $0.16 per coin. This he noted in a recent tweet on July 11, 2019.
While some were in support, a supposed number of “XRP army” believes he’s delusional. And some others were ecstatic to hear about this, saying if it should be true, it would be a great entry point.
In fact, one of the commenters had noted that Brandt was “secretly having buy orders at the price of 16 cents”.
But Why 16 Cents?
It’s presently not clear what or why a drop to $0.16 will be fair support for XRP, he has only based his analysis on a possible bitcoin correction.
His thoughts about bitcoin correcting further had come from previous tweets. Peter Brandt, who had earlier shown a chart of previous years says the recent bitcoin correction is mild.
Dating back to November 2015, Bitcoin made a 41.3% correction. Likewise in September 2017, the bitcoin market says a 40.3% correction. With these in mind, Peter Brandt feels there is a high chance the correction isn’t over yet. Implying that the looming correction of the bitcoin market will take altcoins, XRP inclusive along.
Crypto Twitter Nod in Agreement
The technical analyst is not alone in this sentiment since a good number of commenters also agreed that the current market performance feels like 2016’s. They unanimously agreed that bitcoin is warming up even though it is not ready to take the big leap yet. If all goes as they’ve stated, it could impact negatively on the crypto market as a whole.
There’s also a tweet from Peter Brandt on June 3, 2019, where he opined that Bitcoin will correct and fall back to $5000. His prediction was made at a time when the virtual asset was trading way above $8,000. Nonetheless, if he had correctly predicted Bitcoin’s 80% dump in January 2018, there’s no saying why one shouldn’t give his words serious consideration this time around.
XRP, on the other hand, has not received favoritism from the cryptoanalyst given that time and again, he has stated that the asset is being manipulated. As such, he would rather spend his money on bitcoin, litecoin, monero, and bitcoin cash.