Brandt Fires Another Shot at XRP, Calls Out 'Cult' Investment Community

Peter Brandt, a prominent trader and chartist, has once again expressed his skepticism towards XRP, calling out its 'cultish' investment community. In a recent social media post, Brandt noted that it is not necessary to be a part of the cult to own XRP, but rather to focus on the technical setup of the token.

Brandt's comments come after he faced intense criticism from the XRP community for describing the cryptocurrency as a 'fool coin'. However, he acknowledged that XRP can be effectively used for transactional purposes and is cheap. Nevertheless, he questioned whether this utility alone translates into investment value, given the token's huge supply.

The veteran trader primarily focuses on technical analysis and sees potential in XRP's long-term weekly chart, which shows a potentially bullish inverse head-and-shoulders formation. The price of XRP is currently approaching a horizontal neckline around $1.50-$1.60 and needs to break above it for the pattern to be confirmed.