Renowned trader and crypto chart analyst Peter Brandt has pointed to XRP forming bullish indicators, following a day of massive price movements in the crypto markets.
On Oct. 5, the crypto-markets experienced a significant boost in valuation, gaining more than $50 billion in capitalization over 24 hours. Brandt, who correctly predicted bitcoin’s 80% decline in 2018, is now saying that XRP is showing very bullish indicators.
According to Brandt, XRP has formed a diamond pattern on trading charts. While the pattern is typically reserved for market tops, he says it could also apply to the current bottom forming in the crypto markets. Brandt called the formation a “very clean diamond” in a tweet published Oct. 25.
The diamond pattern has always been a top pattern among traditional markets. I suppose pattern might work for a bottom in crypto markets. If you want to know what a very clean diamond looks like, see $XRP pic.twitter.com/nu5sUS01TT
— Peter Brandt (@PeterLBrandt) October 25, 2019
Brandt also gave the prediction that if XRP closes above $0.3038 it would be a bullish indicator with an initial target of $0.4691.
Pending a close above .3038 the diamond bottom will be completed with an initial target of .4691 $XRP pic.twitter.com/zQdus7xtp6
— Peter Brandt (@PeterLBrandt) October 25, 2019
Featured Image Credit: Photo via Pixabay.com
