Ripple is a glorified version of PayPal, says prominent old school trader and analyst

Ripple and XRP had always been the center of speculations and rumors in the cryptosphere and some of the recent events that unfolded had added more fuel to the fire. Peter Brandt, a prominent trader and analyst, called out Ripple and said that XRP was a security, in one of his tweets.

On March 07, 2019, Peter Brandt posted a technical analysis of XRP that stated:

“The bag holders need to careful in their manipulation of this security (not a crypto). A decline below .2467 and they might be stuck holding a bag full of rotten goods. $XRPUST”

This caused a commotion as XRP followers and enthusiasts believed that XRP was not a security. The debate on whether XRP was a security or not has been going on for a while due to a lack of clarification from the regulatory SEC.

In addition to the above, Brandt said, “Ripple is a glorified version of PayPal”, which caused yet another uproar, leading XRP enthusiasts to bombard his tweet saying otherwise. Tiffany Hayden, a well-known XRP enthusiast, replied:

The thread continued as Peter Brandt said that XRP had “incredible potential to disrupt commerce”. He added:

“1. XRP is not a religion and not a cult, so the XRP cultists need to get a life 2. XRP is a security – SEC is clueless about technology”

The debate around XRP and Ripple will only come to an end when SEC’s Chairman Jay Clayton provides a clear stance on XRP. There is sufficient clarity around Bitcoin [BTC] and Ethereum [ETH], but none around XRP.

Dr. T [@XRPTrump], another prominent XRP enthusiast, commented:

“Peter: XRP is unique ① fast cheap txns without rollback ② native on XRP Ledger: the biggest decentralized exchange. ① Enables ⦿ @Ripple (not PayPal!) to use it for cross-border settlement ⦿ @Coil to use it for Web monetization/Streaming payments… Peter, you’ve worked hard to put yourself out there for so many years, sharing what you are comfortable sharing and you are usually right about. Why taint that by adding comments about technology you don’t understand? It’s not good because it will people question your other calls”