Wall Street legend sees XRP rise to $3

Legendary trader Peter Brandt is one of the world’s leading technical analysts, when it comes to stocks and crypto. For over 30 years he has been discussing the prices of commodities, stocks and Bitcoin in a very clear and entertaining way.

In a rather funny technical analysis, he explained that he stopped listening in recent years as soon as someone started talking about Ripple labs and its digital coin XRP until about a week ago. Now Brandt thinks XRP is poised for a major rally as he noticed a clear bottom formation.

Fulcrum bottom

In classical technical analysis, a fulcrum point (or a fulcrum bottom) represents the moment when a stock or security reaches a bottom and then changes direction.

You are correct. Very organized accumulation

— Peter Brandt (@PeterLBrandt) March 28, 2023

According to Brandt, on his daily price chart, XRP shows a compound fulcrum bottom pattern, which he describes as a “highly organized accumulation.”

The analyst explains that the chart pattern occurs when a market forms a head and shoulders complex chart pattern after a prolonged decline.

According to the classic chartist, if the price conforms to this pattern, the minimum target above the $3 price point would be near the highs formed in 2018.

Brandt wrote:

If the Fulcrum Bottom is legitimate, then  maybe the massive consolidation below the 2018 high resolves to the upside, and maybe the minimum price target is above $3.00, making this a 10:1 minimum trade setup.

So if Ripple wins the SEC lawsuit, you know what Peter Brandt thinks will happen next.