Veteran trader Peter Brandt knocked the digital currency XRP on Thursday and compared the crypto token company Ripple to the U.S. Federal Reserve. Brandt said he believes the company behind the coin will double the token supply, and he doesn’t understand why “otherwise smart people” have drank the “XRP-Kool-aide.”
A number of digital currency investors believe in XRP, the fourth largest crypto asset by market capitalization, is going to be the bridge between banks and cryptocurrency. A number of other crypto enthusiasts despise XRP and think that the distributed ledger is extremely centralized.
Despite the technicals, XRP has a circulating supply of 44 billion tokens each worth $0.20. The token’s value is much higher than the first five years of its existence, when it traded for less than a U.S. penny during much of that period.
On July 23, the veteran trader Peter Brandt discussed XRP with a number of digital currency enthusiasts. Brandt is a well known trader who shares financial analysis and charts on Twitter regularly. He’s made a number of predictions and the analyst has over 364,000 Twitter followers today.
Many crypto enthusiasts follow Brandt because he’s bullish about ethereum (ETH) and bitcoin (BTC) and on July 8, the veteran trader said there was a “significant breakout in ETH-BTC.” Brandt further noted that “most alts should gain on bitcoin in [the] near future.” Even the founder of Adamant Capital, Tuur Demeester seemed to agree with Brandt’s assessment.
The discussion that took place Thursday on Twitter was in regard to the crypto asset XRP, as a person was conversing about the “XRP Army shills” and certain trading techniques. Brandt joined the conversation and his commentary about XRP likened the crypto-asset with the U.S. dollar, and compared the firm Ripple to the U.S. Federal Reserve.
“XRP can be compared to the USD,” Brandt tweeted. “The Fed is the USD’s bag holder — they can double the supply if they want.” The financial analyst further wrote:
Ripple is XRP’s bag holder — and it WILL double the supply. I cannot believe the number of otherwise smart ppl who have drank XRP Kool-aide.
Of course, members of the XRP Army didn’t care for Brandt’s commentary after he knocked the crypto asset and the company Ripple. One person claimed that Brandt’s lack of coding knowledge meant that his opinion should be dismissed.
“Do you know anything about code?” asked a Twitter account clearly upset about Brandt’s XRP commentary. “It’s simply not possible. Such a shame that a clueless person has so many followers.”
After being harassed by the XRP Army about his recent statements, Brandt further criticized the crypto coin’s followers. “Some things never change — I remember the wrath I received when I said beanie babies, hula hoops, and pet rocks would not become a global asset class. Some neighbors did not speak to me for years,” Brandt responded. The financial analyst continued by tweeting:
They get so riled up because deep down inside they know I am right. They are the most rabbis of all cultists.
At the time of writing, XRP is swapping for $0.203 per coin and it’s down 1.3% during the last 24 hours of trading. The last 30 days show XRP is up 11.42%, 90 days the token is up 8.6%, but for the year the coin is down 34%.
Not too long ago XRP was a strong crypto contender, but ever since tether (USDT) started to shine brightly, the token has lost significant momentum. Tether has surpassed XRP by the size of its market cap and it USDT sees a hell of a lot more settlement these days.
What do you think about Peter Brandt comparing XRP to the U.S. dollar and the Fed? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.