Peter Brandt, a veteran technical trader who gained notoriety in crypto circles after predicting Bitcoin’s epic crash back in January of 2018, says XRP may be on the verge of a big breakout.
In a series of tweets, Brandt says he thinks XRP may have hit a bottom after forming a diamond pattern – a formation that traders look for 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.
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 in the cards.
“Pending a close above $0.3038 the diamond bottom will be completed with an initial target of $0.4691.”
The third-largest crypto asset is getting close to his mark, at $0.3022 at time of publishing, according to CoinMarketCap.
Brandt has a colorful history with his analysis of Ripple and XRP.
Back in August, he accused the San Francisco startup, which owns more than half of all XRP in existence, of manipulating the price of the digital asset.
After receiving pushback, he clarified that he believes Ripple has been manipulating XRP since day one.
“I used ‘manipulate’ because it is exactly what Ripple has been doing since it introduced XRP.”
Ripple strongly denies that it can or does have any impact on the price of XRP.
In its latest XRP Markets Report, the company reported its sales of XRP represented 0.4% of all XRP trading volume in the third quarter of this year.