The renowned chartist claims that the proponents of the seventh-largest cryptocurrency have fallen for the alleged trickery of Ripple Labs, its affiliated company, “hook, line, and sinker.”
Brandt uses the fishing metaphor to accuse the community of buying into the narrative without even questioning it, just fish gulp down its bait from a rod without any hesitation.
He has been an unabashed critic of the XRP for years, using such strong words as “manipulated scam” to characterize it in the past.
In early November, Brandt claimed that the Securities and Exchange Commission had to declare XRP as a security, just a little over a month before the regulator brought its landmark lawsuit against Ripple:
XRP would have been declared as a security if the SEC understood cryptos. This is a classic case of a market being manipulated by a bag-holder.
XRP is down 97 percent against Bitcoin
XRP is one of the very few cryptocurrencies that are yet to catch up with the broader rally led by Bitcoin. In late 2020, it collapsed over 73 percent following the SEC lawsuit.
The embattled token is still down 87 percent from its all-time high of $3.40 reached on Jan. 7, 2018.
In fact, the XRP/BTC pair is now down over 97 percent from its peak in May 2017.
” alt=”” aria-hidden=”true” />Image by @PeterLBrandtWithout pulling his punches, Brandt notes that pig iron has outperformed XRP.