XRP To Hit Zero Against BTC? Veteran Trader Cites ‘Pure Classical Charting’
2024年5月13日 - 5:10PM
NEWSBTC
In a recent analysis shared via X, Peter Brandt, regarded as one of
the leading experts globally in applying classical charting
techniques to trading futures, foreign exchange, and crypto
markets, suggested that the XRP to Bitcoin (XRP/BTC) exchange rate
could potentially hit zero. Brandt’s analysis applies traditional
techniques inspired by pioneers such as Schabacker, Edwards, and
Magee to forecast this drastic trend. 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” Why
Brandt Thinks XRP Is Going To Zero Vs. BTC The chart indicates a
troubling trajectory for XRP when priced in Bitcoin, with key
support levels being consistently tested over time. The weekly
chart showcases a series of peaks and troughs with notable highs in
2017 and a sharp decline from 2018 onwards. Related Reading: XRP On
A Sinking Ship? Why Altcoin’s Price Continues To Plunge Recently,
the XRP/BTC ratio has been hovering around a crucial support line,
illustrated by a dashed horizontal line on the chart. Notably, the
chart shows XRP/BTC experiencing significant volatility over the
years. After reaching highs in 2017 at 0.00025 BTC, it has been on
a general downtrend, especially notable after September 2018.
“XRPPBTC has lost 70% of its value since the Nov 2017 post,” Brandt
commented. A critical historical support level for the digital
asset is highlighted by Brandt at around 0.000007 BTC (black line),
which the market is currently testing. The continuation of the
bearish trend might break this support. Moreover, two moving
averages are depicted on the chart. The 8-week SMA (Simple Moving
Average) is currently at 0.00000838 BTC, while the 18-week SMA
stands at 0.00000990 BTC, indicating bearish momentum as the price
is below both averages. Related Reading: Crypto Analyst Says XRP
Price Can Break Out From Falling Pennant, But Can It Reach $1? The
Relative Strength Index (RSI) on the chart, with a 14-week period,
is at 28.80, which is near the oversold territory. This might
usually suggest a potential for price recovery, yet the persistent
bearish sentiment depicted suggests caution. Peter Brandt’s
assertion that the XRP/BTC ratio could be “headed toward Zero”
comes from observing the continued failure of the price to rebound
from key support levels and the downtrend remaining intact without
signs of reversal. His commentary reflects a stark outlook for XRP
when compared against Bitcoin, emphasizing the importance of these
technical levels in predicting future movements. In a follow-up
post on X, Brandt doubled down on this claim, stating, “It is
actually fun poking a stick at XRP_aholics. My comparison is to
BTC, not USD, so here is what I don’t understand. How can XRP bulls
be so insistent in that XRP is near ATLs vs BTC, and, in fact, has
only closed higher than present levels in 6 of the last 126
months?” At press time, XRP traded at $0.49845. Featured image from
Shutterstock, chart from TradingView.com
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