A strong controversy revolves around legendary trader Peter Brandt, who stated that in his 50 years of experience, no group of investors has been easier to “bait” than silver and XRP bulls. The veteran, who has been trading since 1975, questioned the obsession of Ripple’s so-called “perma-bulls,” noting that their extreme optimism often clouds technical judgment in the face of market realities.
Despite the XRP price today showing a significant correction, trading around $1.86 with a 14% annual decline, the community’s conviction remains unwavering. This phenomenon occurs while XRP ETFs record net inflows of $64 million, contrasting with outflows from Bitcoin and Ethereum funds, highlighting a divergence between retail sentiment and institutional interest.
The crypto community will be watching to see if the XRP price today manages to consolidate its current levels after retreating from its high of $3.66 reached in July. While Brandt warns about overconfidence, the flow of institutional capital into ETFs will be the key indicator to determine if holders’ conviction is justified or if the asset will face further corrections.
Source: https://x.com/PeterLBrandt/status/2005633227940377087
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