Peter Brandt, a proprietary trader with 50 years of experience, has boldly asserted that $XRPis “going to zero,” particularly in relation to Bitcoin.

In a recent post on X, Brandt posted a graph of $XRP’s price in relation to Bitcoin. Notably, the presented $XRP/$BTCchart comprises candlesticks on the 1-week timeframe. It illustrates a downtrend over the years, with more pronounced declines in recent months. Essentially, the chart depicts that $XRPis underperforming Bitcoin.

peter brandt xrp bearish - Peter Brandt Says XRP Against BTC is Going to Zero

This chart representation is further confirmed by the fact that Bitcoin is up 43% year-to-date despite the recent bearish performance. On the other hand, $XRPhas lost over 20% of its value through the same timeframe.

peter brandt xrp bearish - Peter Brandt Says XRP Against BTC is Going to Zero

$XRP/$BTCGoing to Zero

Now, the value of $XRP/$BTCis at 0.00000808, down by over 44% from 0.00001457 in January. Observing this $XRP’s underperformance in relation to Bitcoin, Brandt asserted that the $XRP/$BTCchart appears to be on a trajectory towards zero.

From a pure classical charting point of view (that is, Schabacker, Edwards, Magee) this chart looks like it is headed toward Zero $XRPBTC pic.twitter.com/p5l1Kv4uim

— Peter Brandt (@PeterLBrandt) May 12, 2024

$XRPArmy Disagrees

Expectedly, this bold call from the legendary trader unsettled $XRPenthusiasts. They expressed their discontent, pointing out that Brandt has made similar claims before. Moreover, critics of Brandt’s view arguethat $XRPis currently at a support level, suggesting that a considerable recovery could be on the horizon.

Peter Brandt Was Wrong in 2017

Meanwhile, another commenter recalledBrandt’s past remarks from November 26, 2017, when he shared a similar $XRP/$BTCchart highlighting $XRP’s poor performance. At the time, the legendary trader described $XRPas “crap” and “Shitcoin.”

Notably, $XRPwas trading at $0.2529 during the period. Contrary to Brandt’s bearish stance, $XRPexperienced a dramatic surge shortly after, rocketing by 1,418% to reach an all-time high of $3.84. This aggressive movetook place less than two months after Brandt’s remark.

Optimists in the $XRPcommunity believe this history could replay in this bull marketwhere $XRPcurrently underperforms.

Meanwhile, in a clarifying update, Brandt stressedthat his prediction of $XRP’s value approaching zero was specific to its performance against Bitcoin, not its USD value. He questioned why $XRPadvocates remain steadfast despite the asset nearing all-time lows.

In contrast, Bitcoin has recently reached a new all-time high. Brandt also highlighted that $XRPhas only closed above its current levels in 6 out of the past 126 months, further questioning the optimism of $XRPbulls.