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Trading Legend Peter Brandt Says Ripple's XRP Price Is About to Complete "Diamond Bottom," Reveals His Next Target

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  • Alex Dovbnya
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    Peter Brandt sets a new bullish target for Ripple's XRP, which is about to complete a diamond bottom

Trading Legend Peter Brandt Says Ripple's XRP Price Is About to Complete "Diamond Bottom," Reveals His Next Target
Cover image via twitter.com

Veteran chartist Peter Brandt has taken to Twitter to inform the XRP Amry that Ripple's native token is about to form a textbook example of the so-called "diamond bottom" pattern if its price closes above the $0.3038 level.

A diamond bottom is a major bullish pattern, which is formed when two symmetrical triangles juxtapose, signals an impending trend change. 

XRP has been trading flat with its price posting very modest returns during Q2 when Bitcoin surged by more than 200 percent. Hence, it's long overdue for the token to experience a new uptrend.   

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Ripple's XRP Price Blasts Past $0.30, Its Highest Level Since September

Ripple's XRP Price Blasts Past $0.30, Its Highest Level Since September

Earlier, Brandt predicted that XRP was bottoming against Bitcoin. At the time of writing, XRP is sitting at $0.2966 after recently touching the aforementioned level on the heels of BTC's 15 percent price spike. XRP is currently down by about six percent against Bitcoin. 

However, there is a good chance that Ripple's native token will be the traders' darling over the next few weeks given that the SWELL conference is expected to take place on Nov. 7-8.

As reported by U.Today, XRP increased by more than 220 percent two weeks before the much-anticipated event. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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.

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Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX

ByBit
  • Alex Dovbnya
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    A massive amount of long positions gets liquidated on the BitMEX exchange after the Bitcoin price tanked all the way down to $7,350

Bitcoin Massacre: $180 Mln Worth of BTC Longs Liquidated on BitMEX
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

$179.3 mln worth of longs has been liquidated on BitMEX, the leading derivatives exchange, after the Bitcoin price shockingly dropped to $7,350 (compared to spot exchanges where BTC didn't go below $7,500). Considering that the average leverage is 25x, Bitcoin bulls collectively netted a loss of around $6.4 mln.         

One of the top traders on BitMEX, who felt "long and strong" at the $8,000 level, most probably regrets his recent tweet.     

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Bitcoin Is Dying, According to Top Trader Who Masterfully Shorted BTC at $20,000

This string of bloody-red candles opens a possibility for a further drop to below $7,000, which has been the pipe dream of Bitcoin bears ever since the BTC price blasted past this level back in May.   

At the time of writing, the top coin by market capitalization is sitting at $7,581 with no sings of buying pressure, CoinStats data shows.  

Trader "The Wolf of Wall Street" says that the retail interest in Bitcoin has been slowing down in November (based on the number of addresses with balances less than 0.1 BTC). Hence, it is unlikely that the average Joe will start FOMOing in anytime soon.      

Dutch analyst "Plan B" didn't cave in to bearish sentiment. He says that the positive difficulty adjustment prevented the much-feared miner capitulation, and the BTC price could increase from that point. 

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Deribit or BitMEX? Crypto-derivatives Exchanges Compared

Deribit or BitMEX? Crypto-derivatives Exchanges Compared

As reported by U.Today, the Bitcoin price could still nose-dive by 40 percent based on the BitMEX funding rate

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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.

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