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 pointed to the seemingly cultish nature of the XRP investment community.
That said, he noted that it is not necessary to be a "certified member" of such a perceived cult to be an interested owner of the token.
"It is not necessary to be a certified cult member to be an interested owner of a crypto XRP," Brandt wrote in a recent social media post.
The veteran chartist primarily pays attention to the technical setup of a certain token, which applies to XRP as well.
"The charts alone have always been enough reason for us to make a bet," Brandt said.
He then took another swipe at cryptocurrency buyers who tend to display a very high level of commitment to a certain token. "There is a difference between being open-minded and having a hole in the head," he said.
Notably, Brandt accompanied his comments with a long-term weekly XRP chart that appears to show a potentially bullish technical structure.
Multi-year consolidation
Brandt's chart shows that XRP has been in the middle of consolidation that followed its 2017 rally. 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 community
Brandt 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. That's fundamentally what makes decentralized systems so attractive," XRPL validator Vet said in a recent social media post.
Arman Shirinyan
Dan Burgin
