Peter Brandt Calls XRP “Garbage”

July 19, 2022 5:31 pm

Trader Peter Brandt just called XRP “garbage” in regards to the recent news that Ripple Co-founder Jed McCaleb had sold a portion of his XRP holdings.

Brandt had continued to criticize the digital asset and questioned its utility as he believed that the asset was not worth its current valuation.

He had also publicly commented on Twitter that this shows that even “garbage” can make someone extremely wealthy which sparked some controversy with the crypto community.

Ripple had previously confirmed that Jed McCaleb had finally liquidated his XRP holdings which he had been slowly doing for the past few years.

The fact that there is no more selling could spark a bullish catalyst for the asset on the markets though.

U.today reports:

As reported by U.Today, Ripple officially confirmed that Jed McCaleb had liquidated his XRP holdings after an eight-year-long selling spree.

The co-founder earned an estimated $3.09 billion from selling his tokens on top of 708 BTC. The co-founder also liquidated his stake in Ripple (the company).

McCaleb’s net worth is estimated to be $2.1 billion, according to data provided by Forbes. After a falling-out with Ripple, the early blockchain pioneer, who created the now-defunct Mt. Gox excahgne, went on to launch Stellar, another successful cryptocurrency project.

Brandt has repeatedly stated that the XRP cryptocurrency is an unregistered security.

With that being said, Brandt said that he was still open to owning the cryptocurrency “under the right circumstances” in spite of regulatory uncertainty surrounding the controversial cryptocurrency.

With that being said, Brandt has been a long time opponent of XRP and had been calling it a scam back in 2020.

He had also claimed that it was an unregistered security where he believed that the SEC would sue Ripple because of that.

XRP is also not the only digital asset that he criticized as he had also labeled other altcoins to be unregistered securities as well.

One could only wonder if Brandt feels the same towards the digital assets who did not receive the same treatment as XRP such as Ethereum which has been largely unaffected by the SEC.

U.today concludes:

Brandt has repeatedly stated that the XRP cryptocurrency is an unregistered security. With that being said, Brandt said that he was still open to owning the cryptocurrency “under the right circumstances” in spite of regulatory uncertainty surrounding the controversial cryptocurrency.

The trader also called the cryptocurrency a “scam” back in 2020 and predicted that the U.S. Securities and Exchange Commission would sue Ripple.

Brandt has also been critical of other altcoins. In June 2020, the trader said that Chainlink (LINK) became popular with those traders who realized that XRP was a sham.

XRP is down as much as 89.49% from its record peak, underperforming other major cryptocurrencies.

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