The XRP price is trading again at around a dollar per token, but following a rare basic pattern discovered by a legendary technical trader of the Bitcoin trading pair, the surge is only just beginning.
There is a catch, however. When it comes to this particular chart pattern and crypto, the same trader got it very wrong before. Is this time different or will this “strong” lower signal be confirmed?
XRP begins a long, painful road to recovery after the SEC storm
Ripple and the company’s executives are still embroiled in a lawsuit with the SEC, but just this week the court won a major victory that required the release of documents that provide insight into the company’s results on other cryptocurrencies: Bitcoin and Ethereum.
Related reading | XRP is targeting new all-time highs after surviving the SEC slaughter
Even before the news broke, XRP was pumping above $ 1 per token for the USD trading pair for the first time since 2018. For the Bitcoin trading pair, however, things have only just turned from extreme bear market lows.
According to the legendary trader, | is forming against Bitcoin a composite pivot floor Source: XRPBTC on TradingView.com
A basic pattern that takes place throughout the first quarter of 2021 is called “a composite pivot point and can be a pretty strong buy signal,” according to legendary career trader Peter Brandt.
If he’s right, XRP will soon outperform Bitcoin significantly. But he was wrong about such a pattern beforehand.
Warning: Brandt was both wrong and correct with Bitcoin
Brandt, a classic chartist with decades of real-world experience, has seen several rare patterns that have both been confirmed and failed. He is one of the few traders who discovered the rare pattern, and he is among the first to identify any Bitcoin parabola formation. In the past, he even named the very bottom of the Bitcoin bear market a year in advance.
Despite all of his correct calls, Brandt is still human and does everything wrong. The last time he called for a compound pivot was in 2018.
But the last time he saw such a signal, it was dead wrong. Source: BTCUSD on TradingView.com
Back then, Bitcoin was trying to hold support at around $ 6,000 before taking the ultimate plunge to the bear market bottom – a zone that Brandt himself ironically called for.
Related reading | Peter Brandt is calling for an 80% + drop in Bitcoin price over a year ago with terrifying accuracy
It is not clear whether Brandt trolled last time or was simply wrong. He is the first to admit that patterns do indeed fail, but when they don’t and behave as they would expect, “it’s a matter of beauty.”
It remains to be seen whether Brandt is wrong again and whether the ratio of XRP to BTC will decrease even further.
Featured image from deposit photos, charts from TradingView.com