The XRP price is back about a dollar per token, but a legendary technical trader on the Bitcoin trading pair has spotted a rare bottoming trend that suggests the rally is just getting started.
Peter Brandt, a professional commodities trader, and Bitcoin enthusiast has had his opinion changed on the 4th largest cryptocurrency. The asset which surged by 63% in just one week has caught Brandt’s attention as he says that “XRP Flashing Powerful Buy Signal”.
Brandt tells his 456,000 followers that XRP is poised to break out against Bitcoin (XRP/BTC). He says that there’s a compound fulcrum bottom forming against the Bitcoin.
This is called a compound fulcrum and can be a quite powerful buy signal. XRP/BTC.”
According to the legendary career trader, a bottoming trend that spans the entire first quarter of 2021 is known as a compound fulcrum and can be a strong buy signal.
If he’s right, XRP will easily outperform Bitcoin in the near future. But he’s been mistaken about similar patterns before.
This comes after Brandt knocked the digital currency XRP back in March when he called XRP a “scam,” pointing to the asset’s poor performance since Ripple’s run in with the U.S. Securities and Exchange Commission (SEC).
At the time of writing, XRP is swapping for $1.02 per coin and it’s up by 4.4% during the last 24 hours of trading. ( Coingecko )
As for bitcoin he says that it is due for an exceptional ascent before its current bull cycle comes to a close.
“I think we’re in that midpoint pause where in 2017 Bitcoin swirled around for a month or two before we saw the final move up, and you’ll note that the midpoint in the 2015 to 2017 bull market was at about one-half or 60% of the total move. If that’s true, that points to the type of price level… That $200,000 plus is where this market would take it if this chart interpretation is correct”
As of writing Bitcoins price was at $57,805.94.