On Thursday (May 6), the $XRP price broke above the $1.76 level for the first time in nearly three weeks.
Data by TradingView indicates that on crypto exchange Bitstamp the XRP price hit $1.7635, which is currently (as of 09:50 UTC on May 6) the intraday high, at 01:08 UTC. The highest price that XRP has reached this year is $1.9669, which was the intraday high on April 14.
Last month, Peter L. Brandt, who is one of the world’ most respected classical chartists, said that his technical analysis of the XRP-USD trading pair suggest that prices were headed much higher.
In 1990, Brandt, who has been a commodity trader since 1976, published the book Trading Commodity Futures with Classical Chart Patterns. Then, in 2011, John Wiley and Sons published his second book, Diary of a Professional Commodity Trader, which “became Amazon’s #1 ranked book on trading for 27 weeks.”
This is what Raoul Pal, Co-Founder and CEO of Real Vision, says about Brandt:
“Peter is simply one of the very best and most experienced classical chartists in the world. His analytical, pure chart-driven approach to trading and risk management is clear, understandable and actionable. Real Vision has had the honor of featuring Peter’s work and his content remains one of the most talked about and enjoyed by our subscribers. I can not recommend his work enough.“
In a tweet he sent out on April 9, Brandt included an XRP-USD price chart and said that it appeared that we were seeing an “Inverse Head And Shoulders” pattern.
Well, on May 1, Brandt went further than predicting that the XRP price could go “a boat load higher (new ATHs).” He said that he hoped BTC, XRP, and other cryptoassets would “go to the Moon and beyond.”
For those XRP holders who would like to know how high the XRP price could go, the crypto analyst on Twitter who is the most bullish on XRP, “Credible Crypto” told his over 180K followers yesterday about his long-term price target for XRP:
As for the short term, there are other crypto analysts who believe that the XRP price is headed higher. Here are a couple of examples:
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured Image by “vjkombajn” via Pixabay.com
