The popular cryptocurrency trader Peter Brandt has provided some insights regarding the cryptocurrency market, specifically about XRP and Stellar Lumens (XLM). Peter Brandt is known for predicting the crypto crash that happened in 2018 after Bitcoin’s massive price increase during 2017.
Mr. Brandt decided to go to twitter and write a few comments regarding the current situation of the crypto market, specifically about XLM and XRP. About XLM, he said that the current target is $0.0653 and then down to $0.0015, claiming that it is ‘basically worthless.’
This goes against what other individuals and analysts have predicted about Stellar. Indeed, the Stellar Foundation is currently working with different companies in the market such as IBM in order to create new platforms and services on top of blockchain technology. Nevertheless, it seems that Stellar raising in value during the next months seems something very difficult taking into account this technical analysis.
Later, a Twitter user asked him about XRP and the technical analysis since the fundamentals behind this crypto asset look very promising. Mr. Brandt answered that XRP is ‘definitely coiling up.’ This term used by the cryptoanalyst is used in order to predict a strong move in one direction after being pushed into the opposite direction or just remained stable.
In terms of fundamentals, Ripple is working day after day in order to bring new companies to the RippleNet. Ripple is working in order for companies to process cross-border transactions in a fast and easy way. This has a positive impact on companies that now will have to pay lower fees and make the process of sending funds abroad much more streamlined.
At the moment, Ripple has more than 200 companies from over 40 countries working with different Ripple-based solutions. Some of them are also using the xRapid product that has been released at the end of 2018. Those companies using xRapid would be able to use XRP in the future and reduce their costs and transaction times even further.
Both XRP and Stellar Lumens are competitors in the cryptocurrency market. The comments made by Mr. Brandt are very important for the crypto community all over the world. XRP is the second largest digital asset with a market capitalization of $12.95 billion. Each XRP can be purchased for $0.315. Meanwhile, XLM is the 7th largest cryptocurrency with a market cap of $1.95 billion and a price per coin of $0.1. Both virtual currencies are operating negatively in the last 24 hours losing 0.78% and 1.82% in the last 24 hours, respectively.