XRP/BTC Predicted to Plummet to Zero, Expert Analysis Shows

Peter Brandt's classical charting analysis suggests that the XRP to Bitcoin (XRP/BTC) exchange rate could potentially decline to zero. The XRP/BTC chart indicates a troubling trajectory, with key support levels being consistently tested and a general downtrend since 2018. Recent volatility and the current testing of a historical support level around 0.000007 BTC point to a bearish outlook.

Technical Analysis Predicts XRP/BTC Exchange Rate Could Plummet to Zero

Peter Brandt, a highly respected expert in the application of classical charting techniques to financial markets, has issued a sobering analysis suggesting that the XRP/Bitcoin (XRP/BTC) exchange rate may face a dire future, potentially plummeting to zero.

Brandt's analysis employs traditional charting methods inspired by the work of legendary pioneers such as Schabacker, Edwards, and Magee. Based on these techniques, he asserts, "From a pure classical charting point of view (that is, Schabacker, Edwards, Magee) this chart looks like it is headed toward Zero. XRPBTC"

Technical Indicators Signal a Troubling Trajectory for XRP vs. BTC

The weekly chart used by Brandt depicts a concerning trajectory for XRP when priced in Bitcoin, with critical support levels consistently being tested over time. The chart reveals a series of peaks and troughs, with notable highs in 2017 followed by a sharp decline since 2018.

In recent times, the XRP/BTC ratio has clung precariously to a crucial support line, as indicated by the dashed horizontal line on the chart. Notably, the chart demonstrates significant volatility in the XRP/BTC ratio over the years, reaching highs of 0.00025 BTC in 2017 but subsequently embarking on a persistent downtrend, particularly evident after September 2018.

"XRPPBTC has lost 70% of its value since the Nov 2017 post," Brandt observes.

A critical historical support level for XRP, as identified by Brandt, is situated around 0.000007 BTC (black line), which the market is currently testing. The continuation of the bearish trend could result in a breach of this support.

Bearish Sentiment and Technical Indicators Point to Downtrend

Two moving averages are also plotted on the chart. The 8-week Simple Moving Average (SMA) currently stands at 0.00000838 BTC, while the 18-week SMA is at 0.00000990 BTC. Both averages lie above the current price, indicating bearish momentum.

The Relative Strength Index (RSI) on the chart, calculated over a 14-week period, stands at 28.80, nearing the oversold territory. While this may typically suggest potential for price recovery, the persistent bearish sentiment portrayed by the chart counsels caution.

Brandt's assertion that the XRP/BTC ratio could be "headed toward Zero" stems from the continued failure of the price to rebound from key support levels and the uninterrupted downtrend without signs of reversal. His analysis paints a stark picture for the XRP/BTC ratio, underscoring the significance of technical levels in predicting future market movements.

Brandt Reiterates Bearish Outlook for XRP

In a follow-up post, Brandt reinforced his claim, stating, "It is actually fun poking a stick at XRP_aholics. My comparison is to BTC, not USD, so here is what I don’t understand. How can XRP bulls be so insistent in that XRP is near ATLs vs BTC, and, in fact, has only closed higher than present levels in 6 of the last 126 months?"

At the time of writing, XRP traded at $0.49845.