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

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Fri, 10/25/2019 - 18:29
Alex Dovbnya
Peter Brandt sets a new bullish target for Ripple's XRP, which is about to complete a diamond bottom
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.   

Related
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. 

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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