- Ripple’s XRP About to Replicate the “Diamond Bottom” – Crypto Trading Guru and Legend Peter Brandt
Ripple’s XRP is one of the oldest Bitcoin’s Rivals and the third-largest cryptocurrency by market cap. The coin has withstood several ups and downs of the cryptocurrency industry since it launched in 2012, which in turn has earned the coin its community. After experiencing fluctuating price trends this year, XRP is on the move again, adding over 30% to its trading price since the end of September. Earning the blockchain payment network Ripple, the creator of the token a 60% increment. The company so far is working earnestly to keep the momentum steady.
Ripple has been in the news back to back in the past week, this is due to the partnership, updates, and development going with the company. Trading legend and Guru Peter Brandt joined several analysts who have shared their view on what is to come for Ripple as an influence of the latest development. He says that Ripple’s XRP trading price is about to “complete Diamond Bottom,” after revealing his next bullish target for the coin.
Peter Brandt Predicts the Next Bullish Target For XRP
The veteran chartist Peter Brandt took to his twitter page to update the XRP community that Ripple’s native token XRP is about to replicate the “diamond bottom” pattern if the trading price closes above the $0.3038 level. He went thus: “Pending a close above .3038 the diamond bottom will be completed with an initial target of .4691 $XRP.”
XRP (XRP) Price Today – XRP / USD
Name Price 24H % $1.59
A “diamond bottom” is a major bullish pattern that is established when two even triangles contrast indicating an imminent change in trend. The XRP token is long overdue for a price uptrend as the coin has been trading flat with a modest price since its Q2 when Bitcoin increased by over 200%.
Previously, Brandt forecasted That XRP was bottoming against Bitcoin. Currently, XRP is trading at $0.2966 after recently attaining this level following BTC’s 15% price surge, with XRP down against BTC with about 6%.
Although there is a possibility that Ripple’s XRP will be putting smiles on trader’s faces over the next few weeks, all thanks to the forthcoming SWELL event slashed for November 7-8, 2019. With the much-anticipated event, XRP has surged with more than 220% just two weeks before the event. As stated by Garlinghouse, the XRP Ledger is about 1,000 times faster and cheaper per transaction than Bitcoin ahead of the SWELL event.