An XRP bottoming signal was spotted as the price is back trading around the dollar per token but according to one technical trader, the surge is getting started so let’s focus on the analysis in our latest Ripple news.
When it comes to a chart pattern, the same trader got it wrong once before. But is this time different or will the bottom signal be confirmed? Ripple company executives are still locked in a legal battle with the SEC but they did have a small victory in court which required the release of the documents and will offer insight into the entity’s findings on ETH and BTC.
Before the news broke, XRP pumped to $1 per token which is the first time since 2018 on the USD trading pair. On the BTC trading pair, things are starting to turn around from the bear lows. The bottoming pattern is taking place across the entire first quarter of the year and according to Peter Brandt, it is called a “compound fulcrum and can be quite a powerful buy signal.” If he is right about this one, XRP can outperform BTC by a wide margin but he has been wrong in the past about a pattern like this.
Brandt is a classical chartist with decades of real-world market experience and saw a few rare patterns to confirm and fail. He’s among the very few traders to have discovered the rare pattern and he’s also among the first that identified each BTC parabola forming. Over the past few years, he’s accurately called the bottom range on the BTC bear market an entire year in advance.
For the correct calls, Brandt is still human and gets things wrong. The last time he made a call for compound fulcrum was three years ago. Back then, Bitcoin was trying to hold on to the $6K support before taking an ultimate drop to the bear market bottom which Brandt called for. Whether Brandt was trolling or not or he is incorrect, it is not clear. He is the first to admit that the patterns fail sometimes but when they don’t and they are behaving as we expect, “it’s a thing of beauty.”
Whether or not Brandt is wrong or right, the XRP bottoming signal flashed but we can expect something wild soon.
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