RATE Group | Trading Veteran Says XRP Is Forming a Major Reversal Pattern
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Trading Veteran Says XRP Is Forming a Major Reversal Pattern

20 Feb Trading Veteran Says XRP Is Forming a Major Reversal Pattern

Posted at 16:57h in Cryptocurrency News by

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Ripple’s XRP went through a steep bull rally since the beginning of 2020 that saw its price surge by nearly 90%. Now, it seems the token has reached exhaustion and one of the most prominent technical analysts in the industry estimates that it could face a steep correction. 

XRP Is on the Verge of a Major Price Movement

Peter Brandt, a 45-years trading veteran, recently pointed out that a head-and-shoulders pattern could be developing on XRP’s 1-day chart. This technical formation is considered to be one of the most reliable trend reversal patterns. 

At current, XRP appears to have formed the right shoulder of the bearish pattern, which leads Brandt to believe that a breakout could take place very soon. A downward impulse that allows this cryptocurrency to close below the neckline at $0.268 could trigger a 23% correction. 

XRP could then plummet to around $0.207, according to the trading veteran. This target is determined by measuring the distance between the head and the…

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