Peter Brandt says XRP could hit new all-time highs
- XRP could soon hit new ATH levels.
- XRP forms an inverse head and shoulders pattern.
- Cryptocurrency price is still 70% from the ATH level of $ 3.40.
(XRP) could soon hit a new all-time high after forming a bullish reversal head and shoulders pattern on the weekly chart, according to Peter Brandt.
Additionally, the spike is due to the fact that Ripple Labs has granted access to the US Security and Exchange Commission (SEC). More than that, US First Instance Court Judge Sarah Netburn brought up the defendants’ request, determining that the SEC minutes involving cryptocurrencies were likely to be discovered.
The XRP price chart shows an inverse head and shoulders pattern
According to CoinGecko, the XRP price is $ 1.46 with a 24-hour trading volume of $ 28.23 billion, at the time of writing.
An inverse head and shoulder pattern shows specific chart formation that predicts a downtrend reversal to an upside. Furthermore, this pattern is also shown to be one of the most reliable trend reversal patterns. Even more, XRP is still 70% left to reach an all-time high of $ 3.40.
Peter Brandt added,
“A probable reverse H&S with a low RS will indicate a higher vessel’s payload cost (new ATH).”
On April 6, XRP soared to a three-year high of $ 1.11 on the crypto exchange Bitstamp even though Ripple was sued by the US Securities and Exchange Commission. Furthermore, this altcoin’s spike has pushed the total market cap of all cryptocurrencies to a record $ 2 trillion.
This article was first published on coinquora.com
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