The asset’s recent rally has been impossible to ignore.
Veteran trader Peter Brandt prides himself as a crypto skeptic, particularly critical of altcoins. Amongst these, XRP would easily make it on a list of Brandt’s most hated projects, as the veteran trader implies in a recent weekly report to his Chart Wizards community obtained by The Crypto Basic.
“I’ll be the first to admit that when I hear someone mention ripple, I discount whatever they’re about to say next,” Brandt wrote to community members. “Truly an OG crypto project, I’d have rather watched paint dry for 5 years than hold XRP, and it would have been equally as profitable.”
Consequently, there is no love lost between the XRP community and the veteran trader. The classical chartist recently stoked the flames of enmity by appearing to side with the SEC in the Ripple case in a tweet on Monday.
“It was just a matter of time before this happened to Binance Justice is Justice. Is Ripple the next domino to topple?” Brandt said.
Nonetheless, XRP’s recent price action has been impossible to ignore. Consequently, the asset has made it to Brandt’s watchlist.
“XRP has re-appeared on my watchlist,” the latest Chart Wizards community weekly report reads. “Up 20% in the last 7 days, Ripple fits the criteria for an asymmetrical trade.”
For context, an asymmetric trade offers a high reward potential with minimal risk. Interestingly, this is a view that pro-XRP Attorney John E. Deaton recently shared. In addition, crypto analytics firm Santiment Feed shared the same sentiment in a January report.
Brandt says XRP, on its daily price chart, has formed a compound fulcrum bottom pattern, which he describes as a “very organized accumulation” in a published TradingView idea. The analyst explains that the chart pattern occurs when a market forms a complex head and shoulders chart pattern after a prolonged decline. According to the classical chartist, if the price fulfills this pattern, the minimum target would be above the $3 price point near highs formed in 2018.
“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.“
As highlighted in a report by The Crypto Basic today, XRP has rallied about 44% in the last 8 days. While the initial rally was believed to be driven by the Coreum airdrop snapshot, the continued price gains following the snapshot on March 24 are unexplained.
Some have expressed that XRP holders are betting on a favorable outcome for Ripple in its legal battle with the SEC. As often pointed out in previous reports, a ruling in the case is expected any day now. The asset is up 19% in the last 24 hours at press time.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.