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Breaking News: Is Sony The Next Crypto Bank? Tech Giant Applies For A National Charter In The US

XRP Price To $3? Peter Brandt Spots Extremely Rare Pattern

Jake Simmons
Jake Simmons
1 year ago
2 mins read
XRP Peter Brandt

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Veteran trader Peter Brandt has published an XRP price prediction as part of the latest weekly report to his Chart Wizards community, which is causing astonishment – even for him. The prediction is prompted by the recent 25% increase in the XRP price over the last seven days.

Brandt writes in his analysis, “I’ll be the first to admit that when I hear someone mention Ripple, I discount whatever they’re about to say next. Truly an OG crypto project, I’d rather watched paint dry for 5 years, and it would have been equally as profitable.”

Furthermore, the legendary trader points out that XRP has been in a tailspin since its all-time high of $3.84 on January 4, 2018. As Brandt states, during the last crypto bull market of 2020/21, XRP couldn’t even reclaim its 2018 bull market high.

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The reason for this is clear to Peter Brandt: “The company has been embroiled in a lawsuit against the SEC for over a year, and it has exhausted bulls.” XRP has now come back into his focus, however, after “XRP re-appeared on his watch list.”

Brandt has spotted a Compound Fulcrum Bottom pattern on XRP’s 3-day chart, which makes the cryptocurrency an asymmetric trade for him:

Up 20% in the last 7 days, Ripple fits the criteria for an asymmetrical trade. If the Fulcrum Bottom is legitimate, then maybe the massive consolidation below the 2018 high resolves to the upside, and maybe the minimum price target is about $3.00, making this a 10:1 minimum trade setup.

The analyst also shared the following chart via TradingView and stated: “The daily chart displays a rare compound fulcrum. This chart looks very constructive.”

xrp peter brandt
XRP price prediction by Peter Brandt | Source: TradingView.com

 

In a 2015 report, Brandt describes the Compound Fulcrum as an “extremely rare” pattern. “In fact, if a chartist diagnoses this pattern more than once every few years, then it is being overdiagnosed,” the analyst wrote.

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XRP Price Prediction: Ripple Bulls Are Not Done Yet And Still Aim $0.5

1 year ago

The pattern itself, the compound pivot point, is always a bottom pattern, never a top. It occurs when a market forms a complex head and shoulders (H&S) top pattern after a prolonged and extended decline.

XRP – Nothing To Lose?

Notably, XRP community attorney John E. Deaton also recently pointed out the asymmetrical upside potential in light of the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission that is nearing a ruling in District Court. Deaton tweeted:

If Ripple loses what happens? The status quo happens while Ripple appeals to the 2nd Circuit Court of Appeals. The SEC did NOT seek a preliminary injunction. Ripple continues to grow 800% like it has.

But if Ripple wins…..

At press time, the XPR price was up 6% in the last 24 hours, trading at $0.5505. At one point, XRP topped $0.58, overtaking the high from September 23.

XRP price
Bitcoin price, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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