The strong bottom signal detected in XRP shows that the rise has only just begun, according to legend Peter Brandt

The price of XRP was back to trading at around $ 1 per token, but according to a rare bottom-forming pattern spotted by a legendary technical analyst on the XRP / BTC trading pair, the rise is just now. begin.

XRP is starting a painful long way to recover from a legal battle with the SEC

Ripple and its executives are still reeling from their legal battle with the SEC, but just this week there was a small win over the court demanding the release of documents providing insights into the Other cryptocurrencies: Bitcoin and Ethereum.

Before the news release, XRP was pumped to over $ 1 for the first time since 2018 on a USD trading pair. However, on the BTC trading pair, things are just starting to turn around from the low of the bear market.

The bottom-forming pattern that takes place throughout the first quarter of 2021, according to legendary trader Peter Brandt, is called a “composite fulcrum and can be a fairly strong buy signal”.

If he’s right, XRP will soon outperform BTC by a sizable margin.

Note, however, that he was wrong about such a pattern in the past.

Brandt was also right and wrong with Bitcoin

Brandt, a Wall Street icon with decades of experience in the world market of commodities trading, has seen some rare patterns to confirm and fail. He was one of the few traders who discovered the rare pattern and was also one of the first to identify Bitcoin parabolic formations. In the past, he even accurately called Bitcoin’s bear market bottom range, years ahead.

But for all of his accurate forecasts, Brandt is still human, and still wrong. The last time he was wrong he called for a double fulcrum in 2018.

At the time, Bitcoin was trying to hold support around $ 6,000, before plunging finally to the bottom of a bear market – an area that Brandt himself had ironically called for.

It is not clear whether Brandt spoke badly last time or was simply inaccurate or not. He was the first to admit that stereotypes really don’t work, but when they don’t work out and behave as expected.

Whether Brandt will be wrong again and XRP falling even further against BTC in percentage terms is still to be considered.

But when the worst news has come out, and more extreme news is still ahead, the XRP hodler community still has the right to hope for an altcoin season without XRP at the party.

Is this a clear buy signal for XRP?

With new developments in the Ripple-SEC lawsuit, analysts are now keeping an eye on the company’s native token, XRP. On-chain and technical analyst Ali Martinez reviewed XRP and published an interesting finding earlier today. According to him, XRP may be providing excellent buying opportunities for investors.

Martinez used the 30D Framework 30D Market Value to Realized Value (MVRV) metric to support his view and said on Twitter that the metric fell to -0.91%. This shows that “the downtrend is approaching exhaustion.” During the past year, every time “MVRV drops below 0%, it acts as a buy signal for XRP.”


Source: Santiment / Twitter

Moreover, the XRP whale “appears to be returning to accumulation mode”. According to data from Santiment, over the past week, the number of wallet addresses containing “more than 10 million XRP tokens” has increased by about 4.90 percent. In addition to the spike in whale accounts, about 15 new whales have “joined the network” in just the past seven days.

Earlier, Santiment discovered that since the SEC announced the allegations against Ripple, the XRP whale has shrunk. Specifically, wallets containing 10 million XRP and more fell, by about 18 whale addresses, shortly after the SEC sued the Ripple founder.


Source: Santiment / Twitter

But Ripple’s native token has now become a “stable presence” on Santiment’s “emerging trends” page. Interestingly, its “discussion spike” may have followed everyone’s expectations for a possible settlement in the Ripple-SEC lawsuit. In addition, Santiment points out that the ‘buy the dip’ trend is on the rise for other cryptocurrencies like BTC.

Presumably, avid investors may be applying the same principle to hoarding XRP in anticipation that the price will rise. In fact, XRP’s social media presence increased with the ‘Relist XRP’ campaign, a campaign asking crypto exchanges to support XRP once again becoming trending on Twitter lately. One Twitter user pointed out.

Regardless of whether or not exchanges relist cryptocurrencies, it can be safe to say that XRP is attracting a lot of interest from retail traders.

It will be interesting to see if the XRP army can push the price of XRP even higher, possibly even up to the $ 1 range. Similar to how Doge’s army has caused on price action with coin meme. At press time, XRP is trading at $ 0.54, up 13% over the past 24 hours.

Well-known analyst is bullish on TRX and XRP

Recently, popular analyst “Kaleo” said that he is optimistic about the prospects of TRON (TRX) and XRP.

First, regarding XRP, he says that XRP can return to its all-time high of $ 3.84. Analysts anticipate another breakout that will bring the coin to its early 2018 prices, despite the United States Securities and Exchange Commission’s lawsuit against Ripple for allegedly selling XRP, a security yet registration.

Kaleo calls the potential boom “too intriguing” and one of the recent tweets hinted that he would have a long position on XRP.

 

“$ XRP / USD with a clear HTF breakout.”

Analyst is also optimistic about TRON (TRX), highlighting similarities in the DOGE and TRX charts. Kaleo said TRON’s trading chart created a ‘pre-pump’ vibe and predicted the coin to have a parabolic rally after the breakout.

 

Additionally, Kaleo claims BitTorrent Token (BTT) is in the same position as TRON and is ready to break out to new all-time highs.

 

“This entry is correct, buy when others are frightened. Looks ready to switch to the new ATH as soon as this resistance is cleared. ”

Ripple says it has shared 303,000 pages of documents in its SEC investigation

Ripple is looking for evidence that the SEC has contributed to XRP confusion in the market.

In a letter to Court Judge Sarah Netburn, Ripple’s lawyers wrote that the Bitcoin and Ethereum-related documents were indeed relevant to the case, contradicting the Securities Commission’s argument and US Exchange (SEC).

During its investigation, Ripple generated 303,000 pages of documents and is currently reviewing another 75,000 pages of documents as requested by the SEC.

However, the SEC only agreed to provide 153 documents at Ripple’s request: “The burden of complying with defendant’s requests is hardly unusual for an important issue in this meaningful case, especially when compared with Discovery requests (under the law of common jurisdictions, is a pre-adjudication proceeding in a lawsuit that each party, through civil proceeding law, may have) obtained evidence from the other party or parties by means of discovery devices such as interrogations, requests to produce documents, and requests for admission and deposit) made by the SEC “.

Ripple says documents related to the “fair notice” safeguards

The SEC has argued that Bitcoin and Ethereum documents are unrelated to the litigation process, pointing to court rulings in past high-profile cases such as Telegram and Kik.

However, Ripple insists that the judge cannot simply accept the SEC’s “say so”, and they are looking for evidence that the SEC has contributed to widespread confusion in the market regarding XRP:

“Instead, Ripple seeks documents that reflect, directly or using internal communications as a proxy, how XRP is viewed in the marketplace. The SEC cannot deny that they are the focal point for regulatory regulatory requirements as to whether XRP is a security. ”

Ripple’s lawyers claimed that the alleged SEC was unable to reach consensus on XRP’s alleged securities status by October 2020, just two months before filing the lawsuit, when they told an Retail investors XRP that has yet to decide:

“Accordingly, if its internal documents reveal (as they inevitably will) that the SEC itself cannot reach a consensus on when cryptocurrency is a security and when not, it’s difficult. can assert that market participants know what the law requires ”.

In the previous legal letter, the SEC stated that it had no obligation to warn market participants of XRP’s regulatory status during a non-public investigation.

Ripple CEO Garlinghouse: Ripple is 1000 times cheaper and faster than Bitcoin, we are in the heyday of Crypto

Ripple CEO Garlinghouse announced at the Cryptocurrency Summit hosted by Yahoo Finance in New York on Wednesday Feb. 7 that Ripple has signed with LianLian, the fifth largest payment system. 4 in China, with xCurrent platform for real-time cross-border e-commerce payments.

He explained about cross-border payments, pointing out that before Ripple’s xCurrent, to transfer £ 10,000 from New York to London on the same day, the fastest way would be to get to the nearby Newark airport, to sit on aircraft and bring money. “XCurrent allows for real-time sending and payment between banks,” he said.

Garlinghouse pointed to today’s common “digital asset misunderstanding”, giving an example from the era dotcom could apply to today’s digital currency environment. He recalled how he was in the telecom early days, visiting with Randall Stephenson, the former SBC Communications chief communications officer, who currently runs AT&T.

Back in the turn of the 21st century, Stephenson told Garlinghouse that SBC would never use IP for voice calls. “The point is, he says they have a powerful analog switched network that makes the voice clear,” and they invest in the data. Garlinghouse points out that today, there is no voice network at AT&T – it’s all VoIP.

“I think a similar thing will happen in the banking industry. Those who invest in us love xCurrent but they are not sure about xRapid (Ripple’s product for liquidity). I can hear Randall Stephenson’s echo, ”he said, saying he views xRapid as an information gathering product, pointing to four current users including payment providers MoneyGram and Mercury. “I think that’s just the beginning,” he said.

He believes that the US Senate hearing on Crypto and Yahoo’s Crypto Summit event are signs of maturity in the cryptocurrency market.

“To me, it’s like 1997 and the advent of the Internet when I was a kid in Silicon Valley,” adds Garlinghouse. We have KYL and AML regulations. There are reasons for that. If exchanges are trying to circumvent KYC requirements, the regulators should go in and enforce that. ”

When compared to Bitcoin, he said, “XRP is 1,000 times faster and cheaper than a Bitcoin transaction. Will you use a portion of BTC to buy a cup of coffee? It will take hours to complete, your coffee will cool,” he said.

Ripple is currently the 3rd largest crypto market cap with 30.6 billion dollars. At its peak in early January it surpassed Ethereum to come second with a market cap of $ 100 billion, but followed by a profit-taking sell-off by investors causing the coin’s value to drop 70%. It is currently priced at $ 0.78.

Ripple is a payments company that focuses on cross-border transactions, a marketplace largely powered by SWIFT for global banks. But as Garlinghouse points out, only a handful of banks dominate SWIFT and extract billions of dollars in profits from the rest of the interim banks.

“Ask why Jamie Dimon is saying the bad things about Bitcoin, Garlinghouse said, they are making a lot of money from other banks. We talk to the banks, and 99.9% of them want Ripple to be successful because they “want to be sick” of paying these people,” he said.

In short, Garlinghouse gave his views on an industry he thought was still in its nascent stage. It is of utmost importance to him and the success of Ripple for the mature industry, including in the media coverage. Meanwhile, he doesn’t view other startups as competitors.

“A lot of them go after different use cases, just like the early days of the Internet. Yahoo is not in competition with Amazon. The internet needs to grow. I want all businesses to increase. A key element of a mature industry is the maturity of all its aspects,” he said.