Brandt Takes Fresh Shot at XRP 'Cult'

utoday09-27

Prominent trader Peter Brandt keeps taking aim at the Ripple-linked XRP cryptocurrency, and his comments keep attracting a lot of discussion from the community. In one of his most recent posts, Brandt...

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Then, there was a subsequent breakout that took place in late 2024.More recently, Brandt appears to be tracking a possible inverse head-and-shoulders formation. The chart provided by Brandt shows potential shoulders and a lower head. The Ripple-affiliated token is now approaching a horizontal neckline around the $1.50-$1.60 area. An inverse head-and-shoulders pattern is viewed by technical analysts as a potential bullish reversal formation. For this, however, the price needs to break above its so-called \"neckline.\" As reported by U.Today, Brandt recently predicted that the XRP price could surge all the way to $5.4. Facing pushback from the communityBrandt recently faced intense criticism from members of the XRP community for saying some harsh words about the leading cryptocurrency. The veteran trader recently described XRP as a \"fool coin\". He acknowledged that the cryptocurrency could be used efficiently for transactions.\"XRP can be effectively used for transactional purposes, cheaply,\" Brandt said.However, he questioned whether transaction utility alone necessarily translates into investment value while also pointing to XRP's huge supply. However, some members of the community pointed to the fact that XRP’s use cases have expanded substantially beyond its original positioning. Others also noted that one cannot increase XRP's supply. \"You need to convince a node operator to use a different rule set to gain social consensus. 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