Legendary Trader Peter Brandt: XRP Is Really Dull

Sun, 25/02/2024 – 11:37

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When it comes to XRP’s recent price performance, legendary trader Peter Brandt offers a succinct verdict: “Nothing stands out to me.” This sentiment reflects XRP’s recent chart, which shows a lack of significant movement or distinct patterns that could captivate a trader’s interest.

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The monthly bars on the XRP/USD chart illustrate a currency in stagnation, with the price hovering around $0.54610. The moving averages (MA), which traders often use to gauge momentum and trend strength, provide little in the way of direction.

The 18-month MA has flatlined, suggesting a lack of bullish or bearish conviction among investors. The asset is trading in a tight range without notable highs or lows, making it challenging to forecast with any degree of certainty.

https://www.tradingview.com/
XRP/USDT Chart by TradingView

Considering the future of XRP, let’s envision two scenarios: one for growth and another for decline. For growth, XRP would need to break and hold above the psychological resistance level of $0.60. If it succeeds, the next threshold would be to tackle the $0.65 mark, which, if surpassed, could pave the way for a test of the $0.70 resistance zone.

Conversely, a drop scenario would see XRP breaching support levels. The first key level to watch is $0.50. A sustained move below this could signal a bearish trend toward the $0.45 mark.

If bearish momentum continues and XRP breaks past this point, the door would open to a descent toward the more substantial support area of $0.40, a level not seen since the latter part of 2020.

For either scenario to unfold, there would need to be a departure from the current “dullness.” This could be influenced by broader market trends, regulatory news concerning Ripple, or shifts in investor sentiment. Until then, XRP’s performance is characterized by its horizontal movement on the chart, offering little in the way of excitement or opportunity for traders like Brandt.

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