Trade legend Peter Brandt says the Ripple-linked XRP token could fall to all-time lows and explains why.
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Traditional commodity trader Peter Brandt took to Twitter to explain why the seventh-largest cryptocurrency, XRP, could drop from its current level of $0.6 and hit an all-time low. The Ripple-linked XRP token, which hit this year’s high of $1.9 a few months ago, has not been able to rise again since then. XRP is still on the decline even though Ripple has won several victories from its legal battle against the SEC.
Peter Brandt posted a chart with the Shoulder Head to Shoulder (H&S) pattern on the XRP/BTC chart. This is a reversal pattern and Brandt added that completing it will push the XRP token to all-time lows.
Brandt, “Is XRP about to turn into a tidal wave?” He mocks the XRP army that expects the token’s price to rise in the near future.
XRP Is Far Away From This Year’s Peak
According to data provided by CoinMarketCap, XRP has lost all the gains it has seen so far this year and is back at $0.6.
Currently, XRP is well behind its all-time high of $3.3, which it reached on January 1, 2018.