Peter Brandt is a world-renowned expert who has applied classical charting methods to trade futures, currency exchange and crypto markets. In a recently shared analysis via X he suggested that the XRP/BTC rate of exchange could hit zero. Brandt’s forecasting is based on traditional methods inspired by Schabacker Edwards Magee.
Brandt stated, “From a pure classical charting point of view (that is, Schabacker, Edwards, Magee) this chart looks like it is headed toward Zero. XRPBTC”
Brandt’s Reasons for believing XRP will go to zero compared with BTC
Chart of the aforementioned. troubling trajectory The key levels of support for XRP are consistently being tested as the price is converted to Bitcoin. Weekly chart shows peaks and valleys, with 2017 being the year of highs and 2018 seeing a steep decline.
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Recenty, the XRP/BTC has hovered around an important support line. This is illustrated on the graph by the dashed line. Chart shows XRP/BTC fluctuating significantly over time. It has fallen since its 2017 highs of 0.00025 BTC. This is especially noticeable after September 2018. “XRPPBTC has lost 70% of its value since the Nov 2017 post,” Brandt commented.
Brandt highlights a critical historic support level for digital assets at around 0.000007 BTC, which is the current test of the market. This support could be broken if the trend continues to go down.
Two moving averages can be seen on the chart. The SMA (8-week) stands currently at 0.00000838 BTC while the SMA (18-week) stands at 0.00000990 BTC. This indicates a bearish trend as both SMAs are below the current price.
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Relative Strength Index is at 28,80 on the 14-week chart. It is in the territory of oversold. The persistent price decline would normally indicate the potential of a recovery. bearish sentiment The depicted caution suggests.
Peter Brandt asserts that the ratio of XRP/BTC could be “headed toward Zero” The failure to reverse the downward trend and maintain the key levels of support is what makes this observation. When compared to Bitcoin, the comments reflect a stark future for XRP. This highlights the importance of technical levels when predicting movements.
Brandt reaffirmed his claim in a subsequent post to X.com, stating that “it is fun to poke a stick XRP_aholics. What I do not understand is that my comparison was to BTC and not USD. Why can’t I understand? XRP bulls Why are people so insistent that BTC is at ATLs with XRP, when in reality, the price hasn’t closed above current levels for only 6 out of the last 12 months?
As of press time, the XRP price was $0.49845.
Chart from TradingView.com, image from Shutterstock
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Source: www.newsbtc.com