Peter Brandt Predicts Long-Term XRP Price Drop Amid SEC Appeal and Market Volatility

Renowned commodity and foreign exchange trader, Peter Brandt, has once again stirred the waters of the cryptocurrency community with a rather bearish forecast for XRP, the digital currency associated with Ripple. This prediction comes at a time when Ripple is embroiled in a legal tussle with the United States Securities and Exchange Commission (SEC), and XRP has experienced a downturn in its market value.

Brandt, known for his outspoken views on cryptocurrencies, took to social media to share his thoughts on XRP. He humorously suggested that Ripple could stand for “RIP PPL OFF,” a jab that was not well-received by all. Following this jest, Brandt projected a long-term valuation for XRP at approximately $0.035, a figure he backed with historical chart data. His forecast has sparked a wave of reactions from his followers, many of whom expressed agreement with Brandt’s bearish outlook on the digital asset.

Among the reactions, one user sarcastically noted that they are accumulating XRP as a means of enriching Ripple’s CEO, Brad Garlinghouse, while another commenter suggested that Brandt’s predicted price was overly optimistic and that XRP’s value should be closer to zero. However, there remains a segment of the community that believes only time will reveal the true trajectory of XRP’s price.

Despite the skepticism from some quarters, prominent XRP advocates maintain a positive outlook, arguing that the SEC’s appeal against Ripple actually enhances the coin’s allure. They remain hopeful for potential price increases, viewing the legal battle as a catalyst that could draw more attention and interest to XRP.

Earlier today, XRP’s price took a significant hit, declining by around 16%. This drop was unexpected by some, especially during a month often referred to as “Uptober” for its historical bullish trends. At the time of this report, XRP was trading at approximately $0.525, reflecting a 7.9% decrease over the past 24 hours. Despite the price decline, trading volumes surged by nearly 39%, indicating that investor interest in XRP remains robust, even amid the current challenges.

The ongoing legal saga between Ripple and the SEC took a new turn as the regulatory body filed an appeal against Judge Analisa Torres’s earlier ruling. The motion was submitted to the Court of Appeals for the District of Columbia, just days before the October 7 deadline. This appeal seeks to contest specific elements of the decision made on July 13, 2023, which had initially been seen as a significant win for Ripple.

In a previous ruling, Judge Torres had ordered Ripple to pay a penalty of $130 million in its case with the SEC. Many had speculated that this decision signaled the end of Ripple’s legal woes. However, the SEC’s recent appeal suggests that the battle is far from over, potentially altering the landscape for Ripple and XRP.

The SEC’s appeal may be contributing to the current pressure on XRP’s price. Nevertheless, several cryptocurrency legal experts have voiced their opinions, arguing that the SEC faces an uphill battle in its appeal. These experts suggest that Ripple’s defenses are likely to hold strong, providing a glimmer of hope for those invested in XRP.

As the legal proceedings continue, the cryptocurrency market remains watchful of the developments in the Ripple-SEC case. The outcome of this legal confrontation could have far-reaching implications, not only for XRP but for the broader regulatory environment surrounding digital assets.

While the future of XRP’s price remains uncertain, the ongoing legal drama and market reactions underscore the volatile and unpredictable nature of the cryptocurrency landscape. Investors and enthusiasts alike are left to ponder whether Brandt’s bearish forecast will come to pass or if XRP will defy the odds and stage a remarkable recovery.