Peter Brandt Turns Bullish on XRP After Spotting Extremely Rare Pattern

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Tue, 04/06/2021 - 18:13
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Alex Dovbnya
XRP has just formed an incredibly rare pattern, according to trading legend Peter Brandt
Peter Brandt Turns Bullish on XRP After Spotting Extremely Rare Pattern
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Veteran commodity trader Peter Brandt believes that XRP could soar higher against Bitcoin, according to his latest tweet

The XRP/BTC pair has formed the "extremely rare" compound fulcrum pattern, which is used by point and figure chartists. Brandt says that this could be a "powerful" buy signal. 

XRP
Image by @PeterLBrandt

The compound fulcrum formation—which can be spotted only once in a few years—usually indicates that a certain asset is ready for a trend reversal after bottoming out, according to Brandt's explanation

The compound fulcrum is always a bottom pattern --- never a top. It occurs when a market forms a complex H&S top pattern after a prolonged and extended decline.

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XRP is up more than 72 percent over the past week after surpassing the $1 level earlier today for the first time since March 5, 2018.   

Brandt had been incredibly critical of the cryptocurrency, repeatedly calling it "a scam" due to its affiliation with blockchain company Ripple.           

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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