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.