Peter Brandt Admits He Was Wrong About XRP, Says “Come To Jesus” Correction Will Hit BTC and Cryptos
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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).

Read Also: Lawyer John Danton: Vitalik Buterin Offered ETH as a Security than Any Specific Sale of XRP

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.

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Captioning a chart for illustration, Peter Brandt tweeted, “This is called a compound fulcrum and can be a quite powerful buy signal. Xrpbtc.”

Read Also: Credible Crypto Says XRP Is Poised To Double Its Price; Bitcoin (BTC) Bottom Is Possibly In

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.

Read Also: David Schwartz Explains Why XRP Didn’t Adopt Bitcoin’s PoW Consensus Algorithm

“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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Tobi Loba

By Tobi Loba

Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.