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bitcoin price power xrp
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Powerful Bottom Signal Spotted In XRP, But There’s A Catch

Tony Spilotro by Tony Spilotro
1 year ago
in XRP
Reading Time: 3 mins read
Advertisement

XRP price is back trading at right around a dollar per token, but according to a rare bottoming pattern spotted by a legendary technical trader on the Bitcoin trading pair, the surge is only just getting started.

However, there’s a catch. When it comes to this particular chart pattern and crypto – the same trader has gotten it very wrong before. Is this time different, or will this “powerful” bottom signal confirm?

XRP Begins Long Painful Road To Recovery After SEC Storm

Ripple and company executives are still locked in a legal battle with the SEC, but just this week had a major victory in the court requiring the release of documents that offer insight into the entity’s findings on other cryptocurrencies: Bitcoin and Ethereum.

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Related Reading | XRP Targets New All-Time Highs After Surviving SEC Slaughter

Before the news even broke, XRP pumped to more than $1 per token for the first time since 2018 on the USD trading pair. On the Bitcoin trading pair, however, things have only just started to turn around from extreme bear market lows.

xrp btc fulcrum bottom

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According to the iconic trader, there's a compound fulcrum bottom forming against Bitcoin | Source: XRPBTC on TradingView.com

A bottoming pattern taking place across the entire first quartern of 2021, according to iconic career trader Peter Brandt, is “called a compound fulcrum and can be quite a powerful buy signal.”

If he’s right, XRP will soon outperform Bitcoin by a sizable margin. But he’s been wrong before about such a pattern.

Beware: Brandt Has Been Both Wrong And Right About Bitcoin

Brandt, who is a classical chartist with decades of real world market experience, has seen several rare patterns to both confirm and fail. He’s among the few traders to have discovered the rare pattern, and he’s also among the first to identify each Bitcoin parabola forming. In the past, he’s even accurately called the bottom range on Bitcoin’s bear market, a whole year in advance.

But for all his correct calls, Brandt is still human, and gets things wrong. The last time he made the call for a compound fulcrum was back in 2018.

bitcoin btc fulcrum bottom

But the last time he spotted such a signal, it was dead wrong | Source: BTCUSD on TradingView.com

Back then, Bitcoin was trying to hold onto support around $6,000, before taking the ultimate plunge to the bear market bottom – a zone which Brandt himself also ironically called for.

Related Reading | Peter Brandt Calls For 80%+ Bitcoin Price Decline Over A Year Ago With Chilling Accuracy

Whether Brandt was trolling the last time around, or simply incorrect, is not clear. He’s the first to admit that patterns do indeed fail, but when they don’t and behave as they’re expected to, “it’s a thing of beauty.”

Whether or not Brandt will be wrong again, and XRP drops even further against BTC on the ratio remains to be seen.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: altcoinbitcoinbtccompound fulcrumPeter BrandtRipplexrpXRPBTCXRPUSDxrpusdt
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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