Legendary trader Peter Brandt, known to be a long-term XRP XRP/USD critic, deemed the cryptocurrency's price chart the "most powerful" on Sunday.
What happened: Brandt, a seasoned chartist with nearly 50 years of experience, used X to highlight XRP’s breakout from a symmetrical triangle pattern.
"This the most powerful chart in all of crypto world," he wrote, piquing the interest of his followers.
For the curious, a symmetrical triangle is a chart pattern characterized by two converging trend lines. They reflect a pause in the current trend while bulls and bears find equilibrium. However, when the price breaks firmly from the triangle, it signifies the start of a new trend.
In the given case, Brandt spotted XRP's upward breakout after a 7-year break, compelling him to issue a bullish forecast.
An X user, who goes by the pseudonym protechtor, said, "Even Peter is coming around."
Another user, PharaohX33, also poked fun at Brandt's pivot to a positive outlook, saying, "Grandpa has finally opened his eyes."
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
