For the past two years, Ripple’s XRP has been in a downtrend with the third biggest cryptocurrency posting an all-time high in January of 2018 ($3.30) Since that fateful day though, investors have been experiencing nothing but loss. Furthermore, to add insult to injury, the community is mocked by other crypto enthusiasts and Ripple Labs has reportedly earned more than $533 million in 208 by selling pre-mined XRP tokens.
The trader with the most following on Twitter, Peter Brandt, is a believer that Ripple is about to bottom out just around the corner. If he is right, the crypto is likely to be in a position to pump before the very anticipated Swell event.
As reported by CCN:
“A diamond pattern is a reversal pattern that’s not often seen in traditional assets like stocks and commodities. However, it has already made a couple of appearances this year in cryptocurrencies. The first one was early this year when bitcoin bottomed out at $3,000.”
According to Brandt, the second diamond bottom appears to be forming in Ripple’s daily charts:
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) 25 October 2019
The trader went onto say that the key level to take out is $0.3038. A move around this price range completes the pattern with a target set of $0.46912.
So basically, Brandt sees Ripple’s flagship token to skyrocket by more than 50% following the breakout.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!