Ripple-affiliated XRP token may drop to all-time lows, says trading legend Peter Brandt and explains why
Old-school commodities trader Peter Brandt has taken to Twitter to opine why the seventh largest cryptocurrency, XRP, may plunge from its current $0.6 level and hit an all-time low.
XRP/BTC is forming a H&S pattern
Having reached a peak of $1.9 earlier this year, on April 19, Ripple-affiliated XRP token has failed to rise as high again so far.
Instead, it has been in decline for over two months as Ripple fintech giant remains in legal war against the US SEC agency and has scored several major victories so far.
Peter Brandt has published a chart with a Head and Shoulders pattern on the XRP/BTC chart – a reversal pattern, adding that a completion of it would drive XRP token to all-time lows.
He ridicules the XRP army, which is expecting the token’s price to rally in the near future by asking if XRP is indeed “about to turn into a tidal wave?”
XRP still 80.25 percent down from its ATH
By now, XRP has lost all the gains it has seen this year so far and returned to the $0.6 level, which was a peak for the currency in 2020 and was reached on November 28, according to the data provided by CoinMarketCap.
At the moment, XRP remains a whopping 80.25 percent down from its all-time high of $3.3 it hit on January 1, 2018 with the second biggest high reached, as mentioned above, on April 19.
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of mosttraded.com. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Original Source :u.today
If you wish to support our website and help us improve you can do it by donation. You can donate crypto directly. Just click on the banner below:
Want to receive the latest stock and cryptocurrency news and investing ideas that can help you make money ?! Subscribe to our newsletter. Enter your email below and hit the subscribe button.
If you want professional consultation regarding stock or cryptocurrency investing leave your information below and experts from our trusted partners will reach out to you