Veteran trader and CEO of Factor LLC Peter Brandt recently fired several shots against Ripple and XRP token holders, even going as far as saying that pig iron has been outperforming them. The main catalyst for his seemingly harsh comments spans from the fact that XRP recently experienced a crash against Bitcoin, and if that was not bad enough, the crash was up to 97%.
Peter has since called Ripple a ‘bunch of tricksters’ that have successfully conned their way into the cryptocurrency game and have essentially robbed its users of their money.
‘They bought into Ripple without any questions or information, according to Brandt
It is true that Ripple has enjoyed relative success in the past, but they have not been free from controversy either. They have recently been the subject of a lawsuit by the SEC, which is currently ongoing. As a result of this, many are hesitant to invest in XRP at this time.
Moreover, Peter Brandt poured salt into the proverbial wounds of XRP holders even further, comparing their willingness and earnest attitude to comply with everything Ripple said to ‘fish following the bait.’ It should be mentioned that Peter has been against Ripple and XRP for a long time, and so the current situation regarding the crash against BTC is purely coincidental and has little to do with him. Nevertheless, he used this opportunity to reiterate his anti-Ripple stance once more, saying that the XRP holders are only receiving what they have earned for their consistent negligence.
Also read:Bitcoin gains the advantage as XRP crashes
Following the aforementioned lawsuit by the SEC, Ripple has yet to truly recover. As we discussed, many investors are still hesitant to invest in XRP, and at the time of this writing, the XRP/BTC pair has experienced a massive drop of nearly 97% as compared to its peak that occurred in early 2017.
Furthermore, the XRP token has also experienced an 87% drop from its all-time record high just a few years ago in 2018, which was $3.40. This is certainly a tough period for Ripple and XRP holders, and time will only tell if they will be able to pull themselves out of this.
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