- XRP’s Downturn Could Soon End, Classical Chartist Peter Brandt Declares
- XRP Has Endured a Two Year Downturn
Ripple’s XRP appears to have bottomed according to crypto trader Peter Brandt. The digital asset has endured a brutal downtrend in the last two years. Now, experts and traders alike believe the dark history of XRP could become a thing of the past. According to Brandt, the number three largest cryptocurrency by market cap will bottom immediately it completes the diamond price action. Brandt isn’t the only crypto trader that’s bullish about XRP’s prospects for the future. Other traders are bullish as well as. They believe XRP we enjoy a solid rally that will take it above the resistance position predicted by Brandt.
XRP Has Endured a Two Year Downturn
Ripple’s XRP token has endured a downtrend for nearly two years now. The number three largest crypto attained an all-time high price of $3.30 back in January 2018. Since that date onwards, investors have had to endure trying times. Even making things more complicated for the digital currency, Ripple Labs is believed to have earned $533 million in 2018 after the sale of pre-mined XRP. As of October 30, 2019, the digital asset has lost 90% of its value attained during the peak price of January 2018. But if Brandt’s view and that of other traders is to be believed, then the worst days of XRP are behind us.
Brandt believes XRP will bottom soon. If what he proposes is correct, XRP price will be poised to increase before the highly anticipated Swell event. As can be deduced from the hourly chart, the diamond pattern has made many appearances this year among crypto tokens. The first one of many came early this year after Bitcoin bottomed at the $3,000 area. Then the second diamond bottom popped up in XRP’s daily chart.
Via a follow-up tweet, Brandt also noted that the crucial level to take out for XRP was at $0.3038. A shift above that price position completes the pattern. The speculated target should be $0.46912. Hence, Brandt expects the price of Ripple’s XRP to skyrocket by 54% after the predicted breakout. In the last few days, XRP’s price has been knocking at $0.3038. As of when this content was published, the price of XRP has finally moved over this resistance issued by Brandt. Meaning it has completed the speculated pattern.
XRP (XRP) Price Today – XRP / USD
Brandt isn’t alone when it comes to seeing the possibility of the price of XRP reversing its trend. CryptoGainz, a trader on Twitter expects an inverse head-and-shoulders pattern to form for XRP. The trader predicts that a move above $0.3077 can ignite fresh bullish momentum for the digital asset.