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Savvy Trader Peter Brandt Says This Pattern May Send XRP to All-Time Lows

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Fri, 06/25/2021 - 08:00
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Yuri Molchan
Ripple-affiliated XRP token may drop to all-time lows, says trading legend Peter Brandt and explains why
Savvy Trader Peter Brandt Says This Pattern May Send XRP to All-Time Lows
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Old-school commodities trader Peter Brandt has taken to Twitter to opine why the seventh largest cryptocurrency, XRP, may plunge from its current $0.6 level and hit an all-time low.

XRP/BTC is forming a H&S pattern

Having reached a peak of $1.9 earlier this year, on April 19, Ripple-affiliated XRP token has failed to rise as high again so far.

Instead, it has been in decline for over two months as Ripple fintech giant remains in legal war against the US SEC agency and has scored several major victories so far.

Peter Brandt has published a chart with a Head and Shoulders pattern on the XRP/BTC chart – a reversal pattern, adding that a completion of it would drive XRP token to all-time lows.

He ridicules the XRP army, which is expecting the token's price to rally in the near future by asking if XRP is indeed "about to turn into a tidal wave?"

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XRP still 80.25 percent down from its ATH

By now, XRP has lost all the gains it has seen this year so far and returned to the $0.6 level, which was a peak for the currency in 2020 and was reached on November 28, according to the data provided by CoinMarketCap.

At the moment, XRP remains a whopping 80.25 percent down from its all-time high of $3.3 it hit on January 1, 2018 with the second biggest high reached, as mentioned above, on April 19.

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Peter Brandt spots a pattern that is likely to drive ##XRP to all-time lows ##crypto ##cryptonews ##xrpcommunity ##xrparmy ##XRPnews ##Ripple

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.