XRP Price Could Soar More than 60% Based on Technical Signals: Analyst
By CCN Markets: On June 6, author and chartist Peter Brandt (@PeterLBrandt) took to Twitter to share his bullish view on Ripple’s price action. In his tweet, he mentioned two cryptocurrencies flashing bullish signals against Tether US (USDT): Litecoin and Ripple. While he did not specify the targets for Litecoin, he emphasized two target prices for Ripple, which are 0.5688 and 0.6260.
Trader Peter Brandt sees bullish signals for XRP. | Source: Twitter
Peter Brandt is one of the most respected figures in the crypto community on Twitter. While he runs a paid group on his website, he shares some of his insights with his followers. His account has been active since February 2011 and he has amassed over 281,000 followers.
The Ripple Ultra Bullish Scenario
In trading and investing, there’s a saying that goes, “the longer the base, the higher the space.” This means that the more time an asset spends in accumulation or base building, the higher the bullish price targets. This happens because the smart money who built the base at the bottom would need to exponentially pump prices to ensure that profits are maximized when they begin to distribute or dump positions.
Ripple breaking out of a descending triangle pattern on the daily chart | Source: TradingView
In Ripple’s case, the accumulation inside the large descending triangle lasted 237 days. That’s almost eight months of trading within the pattern.
That’s why when the market broke out of the pattern on May 14, Ripple skyrocketed from an open of 0.32385 to a close of 0.409. The breakout was pushed by tremendous volume. Looking at the XRP/USDT chart, the volume registered on May 14 is the pair’s second largest on Binance. With buyers returning in droves, Ripple’s rally lasted until May 16 when the cryptocurrency surged to 0.479.
