Peter Brandt, a trader with over 45 years of experience, has issued a public apology to XRP holders. In a recent tweet, Brandt acknowledged his past criticism of XRP and its community, admitting that he had been overly harsh. He clarified that his comments were not personal attacks but focused on the speculative nature of the asset and its volatile history.
Peter Brandt issued a public apology to XRP holders. Source: XWhy had Brandt previously Criticized XRP?
Brandt’s skepticism of XRP comes from his commitment to capital preservation, a principle he has followed throughout his trading career. He criticized the token for its poor performance compared to Bitcoin, which he considers a better store of wealth.
Brandt said that XRP has often lost up to 90% of its value compared to Bitcoin during market downturns. He described holding an asset with such a track record as “insanity” for investors. His main frustration, however, was with the “dogmatic” defense of the token by some of its supporters, even during prolonged periods of financial losses.
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Brandt’s Olive Branch to Community
Brandt, who has been critical of XRP for years, referred to it as the “leader of the pack” during its recent recovery. He praised its ability to outperform the broader crypto market. He shared a chart showing XRP’s breakout and acknowledged its potential for further gains.
Peter Brandt calls XRP leader of the pack. Source: XIn his apology, Brandt explained that his criticisms were rooted in concern for capital preservation. He emphasized that his trading philosophy prioritizes cutting losses quickly and focusing on assets with long-term growth potential. He thanked those in the community who accepted his apology and extended goodwill to others.
Brandt stated that this would be his last public comment on XRP, regardless of the reaction. While he stands by his earlier concerns about token’s volatility, he acknowledged the asset’s recent strength and wished its supporters success.
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How XRP Has Been Performing Recently?
XRP has been trading far below its all-time high of $2.9, which it reached seven years ago. While it has shown recent gains, it remains 35% below its peak value. In comparison, Bitcoin continues to reach new highs and stays in a price discovery phase.
XRP recently showed a strong rally. Over the weekend, it reached a one-month high of $2.6, marking a 10.04% intraday gain. This was the largest single-day increase for XRP since the start of the year. During this period, other major cryptocurrencies, like Bitcoin and Ethereum, showed minimal movement. Bitcoin slipped by 0.14%, while Ethereum rose by 0.49%.
Technical analysis shows that XRP broke out of a symmetrical triangle pattern.
XRP recently broke out of a symmetrical triangle pattern. Source: TradingViewThis breakout confirmed a bullish trend as it surpassed the $2.4 resistance level. Key indicators, such as the Average True Range (ATR) and Average Directional Index (ADX), suggest increased volatility and strengthening momentum. If the rally continues, XRP could target a resistance zone of $2.9 to $3.
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