Though a well-known critic of the XRP Ledger native token XRP, the 6th largest cryptocurrency by market capitalization recently got on Peter Brandt’s watchlist with a bullish sentiment attached.
The veteran investor believes the Ripple-supported digital token is set for a massive rally, having spotted a rare bottom formation on the XRPUSD chart he shared on Monday. “The daily chart displays a rare compound fulcrum,” he wrote, adding that the “chart looks very constructive.”
As seen on the chart, XRP has solid support at $0.2950 which energized the coin to break its local resistance at $0.494 this month, after retesting it three times between September and November of 2022. At the time of writing, XRP is trading for $0.54466 per coin.
Following the impressive performance staged by XRP in the last couple of days, the veteran investor stated that “XRP is completing a very organized accumulation” and “fits the criteria for an asymmetrical trade.” This means that XRP currently offers minimum risk but could give high returns.
As per the knowledge of crypto market cycles, the accumulation phase which is characterized by a slow increase in the prices of a crypto asset always precedes the markup phase of such an asset.
Accordingly, Brandt noted that the validity of the compound fulcrum support pattern formed by XRP would take the asset’s price near its all-time high recorded in 2018.
In particular, Brandt expects XRP to touch $3 per coin. The positive expectations from the XRP community regarding the Ripple-SEC case could be among the catalysts to the actuality of this price action predicted by the renowned TA guru.
Brandt wrote, “If the Fulcrum Bottom is legitimate, then maybe the massive consolidation below the 2018 high resolves to the upside, and maybe the minimum price target is above $3.00, making this a 10:1 minimum trade setup.“
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