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.
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.
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.