By Tobi Loba
Peter Brandt, the Veteran Trader with over 40 years experience, who has never been positive on the price trend of the embattled digital token XRP has suddenly turned bullish.
In a tweet on 6th April, Brandt showcased his belief in a possible surge in the price of XRP against Bitcoin (BTC).
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The commodity trader showed that the XRP/BTC pair has formed the extremely rare compound fulcrum pattern, which is used by point and figure chartists. According to Brandt, the chart is likely indicating a powerful buy signal.
Captioning a chart for illustration, Peter Brandt tweeted, “This is called a compound fulcrum and can be a quite powerful buy signal. Xrpbtc.”
This is called a compound fulcrum and can be a quite powerful buy signal. $xrpbtc pic.twitter.com/cjZQoh7t8c
— Peter Brandt (@PeterLBrandt) April 6, 2021
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Explaining in a note dated back to 2015, Peter Brandt pointed out that compound fulcrum is a formation that can be spotted only once in a few years.
He said such a formation only appears for an asset that has been trending below for quite a long time, an illustration that perfectly fits the current situation of the digital token XRP.
Peter Brandt noted:
“The compound fulcrum is an extremely rare pattern. In fact, if a chartist diagnoses this pattern more than once every few years, the nit is being over-diagnosed.
“One can make the case that the daily chart of Silver is forming a legitimate compound fulcrum. The pattern itself—the compound fulcrum—actually originates in point and figure charting, not in classical charting principles.
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“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.”
Currently, XRP has retraced a bit below $1 resistance. At the time of filing this report, XRP is trading at $0.9678, with about an 11% price upsurge in the last 24 hours.
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