Long Beach (CoinChapter): Longtime trader and Bitcoin enthusiast Peter Brandt seems to be turning bullish on XRP. Brandt believes XRP could reach a new all-time high after forming a bullish inverted head-and-shoulders pattern on the weekly chart.
In a tweet Brandt added,”This possible inverted H&S with stunted RS would indicate prices a boat load higher (new ATHs).” Before that recent tweet, Brandt also noticed another sign regarding XRP. “This is called a compound fulcrum and can be a quite powerful buy signal. XRP/BTC.”
This is all in contrast to previous Brandt thoughts on the Ripple cryptocurrency. Brandt previously urged the SEC to declare it an unregistered security before their lawsuit against Ripple was announced. Furthermore, he essentially called it a “scam”.
He pointed to the asset’s poor performance since Ripple’s lawsuit with the SEC began. “So, all those who swallowed the XRP rip-off narrative from Ripple Labs hook, line and sinker, how’s your stash doing?”
XRP Price on the Rise
But XRP has been on the rise recently, surging 63 percent over the last week. On April 6 it rallied to a three-year high of $1.11 on Bitstamp despite the ongoing SEC lawsuit. This revival pushed the total market cap of all cryptocurrencies to a record $2 trillion.
In regards to the ongoing lawsuit, Ripple recently received a pretty big victory. Magistrate Judge Sarah Netburn partially granted Ripple’s motion to compel the agency to produce documents related to Bitcoin and Ethereum earlier this week. Peter Brandt himself points to this, along with “the madness of the crowds” as reasoning for the XRP rally.
XRP remains down by 70% from its all-time high of $3.40 set in early 2018. Despite his bullishness on the token, Brandt says he still will not trade XRP. In terms of Bitcoin however, he believes the world’s largest crypto is due for an unprecedented ascent before its current bull cycle comes to a close.