Legendary Trader Peter Brandt Spots XRP Bull Flag: ‘If XRP Goes Up I Want to Be Long’
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Skilled commodities trader Peter L. Brandt, who has been in the trading business since the 1970s, has addressed the XRP community to announce some good news and make a bullish XRP price prediction.
However, he stressed his somewhat ironic attitude to the XRP army by calling them “XRP proppers.”
XRP forming bull flag
Brandt started his X post by saying: “Hey XRP pill poppers.” The trader made it clear that he does not really care which way on the chart XRP is going to move — up, down or sideways. However, Brandt said: “If it goes up I want to be long. If it goes down I’ve never shorted it. Still, the trading expert said that even with this neutral attitude to the asset itself he prefers to “troll the poppers.”
What is happening on the XRP chart now is a bull flag pattern, according to him: “No other way right now to define the chart other than a bull flag.” Brandt added that the current state of things could change.
A bull flag is formed when an asset moves in a strong upward trend followed by a consolidation period, during which the price action forms a pattern in the shape of a flag. The “bull” element in the pattern title suggests that the asset price is likely to continue rising once the consolidation phase is over.
Yuri MolchanRipple issues 4.25 million RLUSD
Ripple Stablecoin Tracker account on the X social media platform has revealed that over the past two days, Ripple decacorn has minted two large Ripple USD (RLUSD) stablecoin batches — 3,200,000 and 1,050,000 RLUSD.
Those assets were minted after a few days’ pause, but Ripple continues to inject its new product into the cryptocurrency market. This week, independent auditing company BMP issued a report revealing the details of reserves that back the stablecoin. According to the document, at the end of last year, Ripple minted 77,208,201 RLUSD, and it was backed with $83,214,671, mostly in U.S. Treasuries.
When this new product was officially released by Ripple in early December, the company’s chief executive officer, Brad Garlinghouse, stated that RLUSD aimed to become a gold standard for stablecoins to be used by financial institutions.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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