Veteran Trader Warns XRP’s 96% Price Crash From $3 Is Not Over Yet

A lot of cryptocurrencies are in the focus this week in the Bitcoin and altcoin news and rumors – mostly because of their weak performance and the bloodbath that occurred this Thursday. In fact, this bloodbath even gave the day a nickname ‘Black Thursday’ – a day which will be remembered as one of the worst days for crypto. One veteran trader warns that XRP’s 96% price crash is not over yet, raising a lot of eyebrows in the community especially when XRP is weak at $0.15.

If you are following our crypto news, you probably know of Peter Brandt, a veteran trader who has embraced digital assets on many occasions. Recently, he posted the below chart to Twitter and wrote:

“I said I would never again post a chart of XRP. But, I thought you all might be interested in what it means to have ‘White Space below’.”

While the veteran trader warns that the 96% drop from the $3 high is not over yet, his comments quickly filled the gaps which many had. Speaking of, what Brandt depicted was that there is seemingly no price support for XRP until it returns from where it came as the cryptocurrency has decisively fallen below a number of moving averages and key support levels.

I am breaking a promise.

I said I would never again post a chart of $XRP

But, I thought you all might be interested in what it means to have …

"While space below" pic.twitter.com/Pse2DkEXfp

— The Factor Report (@PeterLBrandt) March 12, 2020

Brandt’s warning against XRP’s future comes shortly after he explained that if he looks at the chart of Bitcoin “without bias” he sees a “sub-$1,000 price” which would require BTC to drop at least 83% from the current price of $5,700.

It is not clear if his belief about Bitcoin reaching $50,000 will turn out true, though the price of the asset recently dropped below one of the long-term growth lines that he has drawn on his charts, not boding well for bulls.

As the veteran trader warns of more losses, other analysts such as CJ remarked that there are more reasons to be bullish on Bitcoin rather than bearish, noting that the cryptocurrency has started to trade above a “swing low pivot,” which is a diagonal support that has supported the price since the flash bottom.

Few things to consider as a move progresses. What are the bullish/bearish technicals? May help position you better before you pull the trigger i.e. start losing bullish points and well, maybe don't long. I am leaning bullish here, as per the points at the moment. pic.twitter.com/CCmsLzcl2p

— CJ (@CJ900X) March 14, 2020

There are other analysts who are bullish, too. Filb Filb, for example, pointed to three reasons why Bitcoin could squeeze higher.