Peter Brandt, a trading veteran who famously predicted that Bitcoin’s price would tank after reaching $20,000, now claims that Ripple’s XRP is undergoing a so-called ‘popcorn’ rally. In plain words, it means that XRP’s potential price surge will be a flash in the pan.
$XRP is undergoing what career traders refer to as a "popcorn" rally pic.twitter.com/ED92iliHKG
— Peter Brandt (@PeterLBrandt) February 21, 2019
Conceptual metaphors and crypto trading
Brandt compares the third-biggest digital asset by market capitalization to the highly volatile process of a corn kernel popping. After reaching the top of the pan, the corn kernel immediately falls down. Similarly, according to Brandt, XRP won’t be able to keep its momentum going. However, one Twitter user was quick to point out that such ‘popcorn rallies’ will build the necessary support until the pan gets filled with corns.
Yes but a couple of “popcorn rallies” and it slowly builds a floor of popcorns (support) until the top of the pan can’t handle the pressure and you have flying corns all over the kitchen while we all getting rich
— Galaxy (@galaxybtc) February 21, 2019
Brandt’s earlier XRP prediction
As reported by U.Today, Brandt recently claimed that XRP was 'coiling up'. He clarified that this expression only pertains to the volatility of a given stock. Hence, it isn’t an indicator of a significant price uptick. The famed trader also predicted that Stellar (XLM), which powers IBM’s new cross-border payment system, will be worthless.
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