It’s been revealed that the veteran commodity trader Peter Brandt believes that XRP could surge higher against Bitcoin according to the latest reports.
He said that “The XRP/BTC pair has formed the “extremely rare” compound fulcrum pattern, which is used by point and figure chartists. Brandt says that this could be a “powerful” buy signal.”
As UToday notes, the compound fulcrum formation—which can be spotted only once in a few years—usually indicates that a certain asset is ready for a trend reversal after bottoming out, according to Brandt’s explanation:
“The compound fulcrum is always a bottom pattern — never a top. It occurs when a market forms a complex H&S top pattern after a prolonged and extended decline,” Brandt said.
— Peter Brandt (@PeterLBrandt) April 6, 2021
Just in case you don’t know, Brandt had been incredibly critical of the cryptocurrency, repeatedly calling it “a scam” due to its affiliation with blockchain company Ripple.
Ripple in the news
In other recent news, Ripple enthusiasts have a lot to celebrate, and the firm is marking its very first legal win against the SEC.
As you probably know by now, Ripple has been under attack by the SEC for quite a while, and the company had a lot to lose because of this.
UToday online publication notes that the Magistrate Judge Sarah Netburn has granted Ripple’s motion to compel the production of documents related to Bitcoin and Ethereum during a recent conference, delivering a blow to the U.S. Securities and Exchange Commission:
“I’m going to grant, in large part, the defendants’ motion.”
Regarding the price of XRP these days, at the moment of wri5tng this article, XRP is trading in the green and the digital asset is priced at $0.9247.