Things don’t seem to be going the favor of Ripple as after experiencing a striking spell of selling pressure, XRP has entered the lowest price-range since the bear market at the end of 2018. Let’s not forget, Ripple’s XRP already has been one of the worst performings cryptos in the market.
A senior analyst, Peter Brant in a tweet, mentioned that XRP is set to touch the lowest price mark in years. Expressing a severe breakdown at this time, XRP can go on to reach $0.20, lowest price mark since Nov 2017.
The critical thing to note is that the recent sell-off may have an adverse effect on XRP, and it has highlighted the growing technical frailty that may continue with XRP to keep on moving in the downward trend in coming weeks.
Everyone has his opinion, and Peter Brant on behalf of his experience predicted the market value of native cryptocurrency of Ripple, XRP. But some users don’ agree with it, and one of them replied:
“So, if the price stays at $0.24 it’s Ripple manipulation but a -20% in minutes isn’t? Or that’s just another tweet for attention?”
Another user said:
“Peter Brandt remember when you called a drop of DOW to 4000 on November 23rd 2011… and you were wrong, well guess what…you are wrong again and you will learn. Let me help you out for your next prediction about Ripple/XRP, you are wrong…, you are getting the gist of it!”
Despite all these opinions, there is another crucial aspect to look that could lead Ripple (XRP) to a further downward trend, and that’s where the point of view of Peter Brant becomes much valid. The crypto analysts have been covering up the SEC updates regarding XRP to be a security.
The XRP investors have been very unclear about the stance of Ripple and its influence in the market on its native crypto. So, the investors filed a case against the FinTech firm Ripple that mentions SEC’s own stance arguing Ripple’s illicit behavior towards the unregistered securities.
It seems that this time around it is a strong case put up against Ripple. The general counsel at crypto lending startup Compound Finance, Jake Chervinsky said that,
“Although the framework on its own doesn’t have precedential value; meaning the court is not required to follow it. It will be fascinating to see how the court handles the utility of the framework in moving forward in determining whether XRP is a security.”
A famous crypto guru, Tone Vays stated that SEC is coming up with a ‘Thor Hammer’ which mentions that Ripple’s XRP could be in the list of SEC for digital assets that are the next potential securities.
The case is still pending, and things remain unclear, and the native Ripple coin’s designation as security could be a key aspect leading the price of the digital asset to descend. All the circumstances look to authenticate Brant’s target mentioned above.
Examining the market as we write this, Ripple (XRP) remains bearish as its value went down by 10.41% in the last 24 hours. At the press time, the price stands at $0.262, and the total market of the native cryptocurrency of Ripple is $11.2 billion.
As things stand, it seems the Ripple price prediction that the veteran analyst Peter Brant has made might come true. But yes, the crypto market is all about the surprises. Only the time will tell how things play out.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.