Peter Brandt has spotted a technical pattern that points to a new XRP all-time high
Those who bought into the XRP frenzy near the market top in January 2018 may finally have their moment after remaining underwater for years.
According to veteran commodity trader Peter Brandt, the Ripple-affiliated cryptocurrency could soon make a run for a new all-time high after forming a bullish inverted head-and-shoulders pattern on the weekly chart.
This possible inverted H&S with stunted RS would indicate prices a boat load higher (new ATHs).
On April 6, XRP rallied to a three-year high of $1.11 on the Bitstamp exchange despite Ripple being sued by the U.S. Securities and Exchange Commission. This sudden revival of the O.G. altcoin pushed the total market cap of all cryptocurrencies to a record $2 trillion.
Brandt attributes the XRP rally to Ripple’s recent court win against the SEC and “the madness of crowds.”
As reported by U.Today, Magistrate Judge Sarah Netburn partially granted Ripple’s motion to compel the agency to produce documents related to Bitcoin and Ethereum earlier this week.
Brandt still will not touch XRP
XRP is still down an eye-popping 70 percent from its all-time high of $3.40. The seemingly insurmountable peak was hit around the same time that CNBC aired an awkward click-by-click tutorial on how to buy the token on Poloniex, which has since become the zeitgeist of the crypto market bubble in early 2018.
Brandt has long been vocal about his disdain for XRP, a pre-mined token partially owned by Ripple, personally urging the SEC to declare it an unregistered security even before the lawsuit was announced.
Despite his bullishness, the chartist says that he will still not trade XRP.