Peter Brandt, a trading legend, has recently explained why the XRP token affiliated with Ripple can fall to all-time lows and has taken to Twitter to share his opinions. The commodity trader shared why the seventh-largest cryptocurrency in terms of market capitalization can fall further from the level of $0.6 and hit an ATL.
After marking a high of $1.9 earlier this year, XRP could not manage to rise that much again till now. Instead, it has constantly been decreasing in the price for over two months as Ripple is facing legal issues with the Securities and Exchange Commission of the United States.
Most recently, Peter Brandt shared a chart in which a head and shoulders pattern was witnessed against BTC, which, is a reversal pattern.
Adding further to his analysis, he said that if the pattern completes, there are chances that the XRP token may fall to all-time lows.
In addition to this, the trader mocked the community behind Ripple that is expecting the digital asset to boom in the near future and asked the Ripple army:
In accordance with the data provided by leading market aggregators, the native token of XRP has notably lost all of the gains it managed to provide its investors this year.
Marking a negative return of over 80%, the currency is changing hands at the level of $0.6 and this price was once a peak back in the month of November of the year 2020.
Talking about the all-time high that the currency made on January 1, 2018, the currency reached the mark of $3.3 and since then, it has not seen any significant uptrend to show some potential.