Popular crypto trader and market analyst Peter Brandt has given his opinion on the recent price for crypto assets, including an outlook for BTC and XRP pair.
Brandt says that the XRP/BTC pair has shaped the “extremely rare” compound fulcrum pattern, which is used by point and figure chartists. Brandy also says that this could be a “powerful” buy signal.
What is the compound fulcrum pattern?
The compound fulcrum is an extremely rare pattern. According to Brandt’s interpretation, the compound fulcrum formation—which occurs just once every few years—usually means that a particular asset is ready for a trend reversal after bottoming out.
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.
The popular trader also weighed in on the controversial state of XRP, Brandt had been extremely critical of the cryptocurrency, often calling it “a scam” due to its association with blockchain company Ripple.
Brandt has been a strong opponent of XRP for a long time, and as a result, the community dislikes him. The trader assumes that the value of XRP will drop to zero.
XRP CROSSES $1 mark!
The cryptocurrency XRP reached $1 on Tuesday morning EDT, following a price spike that saw each coin’s value grow by more than 38% in the last 24 hours and more than 72% in the previous week.
According to the price monitoring website CoinMarketCap, XRP briefly overtook fellow cryptocurrency Tether as the world’s fourth-most valuable cryptocurrency in terms of market cap.
At the time of writing XRP was trading at $1.06.