A veteran commodities trader and analyst says XRP’s recent rally will be short-lived.
Peter Brandt, who is known in the crypto community for correctly calling the start of Bitcoin’s decline from $20,000 in early 2018, believes XRP has proven that it is one of the weakest assets in the crypto markets.
The analyst anticipates XRP’s breakdown against BTC is not over yet.
“Dead cat bounce after 32 straight red days. The best trading practice is to be long the strongest member of a category when long, short the weakest when short. Don’t be long the weakest hoping upon hope to catch up.”
Another popular analyst is seeing hope for XRP’s future in the USD pair.
Dave the Wave is sharing a chart that shows XRP forming a diamond bottom. The pattern is a bullish indicator that’s widely cited as foreshadowing future movements to the upside about 80% of the time.
The chart shows XRP has the potential to break crucial resistance at $0.30 in July of next year, and move quickly to about $0.50.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Art Furnace
