Well-known trader Peter Brandt continues to target the cryptocurrency XRP associated with Ripple, and his remarks continue to spark extensive discussions within the community.
In one of his recent posts, Brandt pointed out that the investment community of XRP seems to have 'cult'-like characteristics.
However, he also stated that becoming a "certified member" of what is considered a "cult" is not a necessary condition for holding XRP.
In a recent social media post, Brandt wrote: "There's no need to be an accredited member of a cult in order to become an interested holder of the XRP cryptocurrency."
This senior chart analyst mainly focuses on the technical patterns of a certain token, and this also applies to XRP.
Brandt said, "Just based on the charts alone, in the past that was already enough for us to place bets."
Subsequently, he made another sarcastic remark towards those cryptocurrency buyers who often show a high level of commitment to certain tokens. “There is a difference between having an open mind and being foolish,” he said.
It is worth noting that Brandt is also accompanied by a long-term weekly chart of XRP, which appears to indicate a potential bullish technical pattern.
Years of consolidation
According to the chart of Brandt, XRP has been in a consolidation phase since the rise in 2017. Subsequently, there was a further breakthrough at the end of 2024.
More recently, Brandt seems to be tracking a potential reverse head and shoulders pattern. The charts provided show that there may be left and right shoulders, as well as a lower head.
This token, which is related to Ripple, is currently approaching the horizontal neckline in the range of $1.50 to $1.60.
Technical analysts typically regard the inverse head and shoulders pattern as a potential bullish reversal pattern. However, for this to occur, the price needs to break through what is known as the "neckline."
According to U.Today, Brandt recently predicted that the price of XRP could soar all the way to $5.4.
Facing community backlash
Brandt has recently come under fierce criticism from members of the XRP community for making some sharp remarks about this leading cryptocurrency.
This senior trader recently described XRP as a “shitcoin.” He acknowledges that this cryptocurrency can be effectively used for trading.
Brandt said: " XRP can be effectively used for trading purposes, and it is also cost-effective."
However, he questioned whether a purpose solely for trading would necessarily translate into investment value, and also pointed out the huge supply of XRP.
However, some community members pointed out that the use cases for XRP have greatly expanded, far exceeding its initial purpose. Others have also stated that the supply of XRP cannot be increased. A XRPL validator, Vet, recently said in a social media post: "You need to persuade a node operator to use a different set of rules in order to achieve social consensus. Fundamentally, this is why decentralized systems are so attractive."
