Trader Peter Brandt recently shared his vision of the XRP course on Twitter. And he is not positive. According to Brandt, little remains of the Ripple price. He does not base this on fundamental news, but by looking at the graphs.
XRP in the damn corner
Brandt is convinced that the breaking point of the XRP rate is around 24 cents. And we are not that far away from that, at the moment the coin XRP is worth about $ 0.25. The value has fallen by twelve percent in the last 24 hours. XRP is not the only one with a bad day, almost all coins have fallen.
He expects that if XRP falls below 24 cents, the price can even fall completely to $ 0.0207. He sees no interim support on the price chart.
Will Ripple is able to manipulate the market to keep $ XRP above .2400? A serious breakdown at this level, and .020725 is in the cards. pic.twitter.com/QAyfMcwaZd
– Peter Brandt (@PeterLBrandt) August 14, 2019
The rate of XRP is being manipulated
This is not the first time that the well-known trader is negative about the price patterns of XRP. That is also because he thinks Ripple is manipulating the course of XRP. He is not necessarily negative about the Ripple company, he even thinks it is a well-run company, but he insists that the price of the XRP token is manipulated.
I used “manipulate” because it’s exactly what Ripple has been doing since it introduced XRP.
– Peter Brandt (@PeterLBrandt) August 14, 2019
Good news for Ripple too
Speaking of XRP, there is also good news to share. The Financial Conduct Authority (FCA), similar to the Dutch AFM, has indicated that it does not consider XRP to be a security token. XRP has the same status in the UK as bitcoin and ethereum.
If a coin is labeled security token, then they must comply with much stricter regulations. But luckily for Ripple they spring that dance, the Financial Conduct Authority compares XRP with ether and says that XRP has similar uses. Both could be used as means of payment and utility token according to the FCA.
What do you think? Is the course being manipulated or is Peter Brandt exaggerating?
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