XRP Is Set To Surge By 55%, Says Peter Brandt
XRP’s price has been pretty dull during 2019, and Ripple addressed the issue not too long ago and slammed accusations that it is involved in XRP’s price movements.
Other than this, the number of XRP transactions is on the verge of reaching an all-time high.
Peter Brandt sees a bright future for XRP
Peter Brand is a popular technical writer who managed to gain his popularity in the crypto space after he predicted Bitcoin’s epic crash dating back in January 2018. He said that XRP is on the verge of a massive breakout.
He tweeted that he believes XRP may have already hit a bottom after it formed a diamond pattern, which in case you don’t know is a formation that traders are looking for when they want to identify potential reversals.
“The diamond pattern has always been a top pattern among traditional markets. I suppose pattern might work for a bottom in crypto markets,” he said.
He continued and said: “If you want to know what a very clean diamond looks like, see XRP.”
If XRP can close above $0.3038, Brandt says a 55% surge may be pon its way to the crypto market.
“Pending a close above $0.3038 the diamond bottom will be completed with an initial target of $0.4691.”
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) October 25, 2019
At the moment of writing this article, the crypto market looks pretty good.
XRP is trading in the green and Ripple’s digital asset is priced at $0.294957.
Ripple and MoneyGram rumors are confirmed
In other news, Ripple CEO Brad Garlinghouse confirmed not too long ago the speculations that MoneyGram will be directly responsible for an increase of XRP volume in Mexico.
During a new interview on the FintechBeat podcast, Garlinghouse said that MoneyGram and more Ripple clients would contribute to a 50% boost ion XRP transactions by sending dollars into Mexico via XRP which will be used as a bridge.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.