XRP, the popular cryptocurrency, is facing a potential crash against Bitcoin, as warned by a veteran trader. Using “pure classical charting” techniques, the trader predicts a zero value for XRP in comparison to BTC. This news has sent shockwaves through the trading community, with many investors reevaluating their positions. Stay tuned for more updates on this developing story.
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In a recent analysis shared via X, Peter Brandt, a renowned expert in applying classical charting techniques to trading futures, forex, and crypto markets, predicts that the XRP to Bitcoin (XRP/BTC) exchange rate could plummet to zero. Brandt’s analysis, inspired by trading pioneers like Schabacker and Edwards, suggests a bleak future for the XRP/BTC ratio.
The chart reveals a troubling pattern for XRP against Bitcoin, with key support levels constantly under pressure. The weekly chart depicts highs in 2017 followed by a steep decline since 2018. The XRP/BTC ratio has been testing a critical support line, showing significant volatility. Brandt highlights a historical support level around 0.000007 BTC that, if breached, could signal further downside.
Additionally, moving averages on the chart indicate bearish momentum, with the RSI nearing oversold territory. Despite potential for recovery, the persistent downtrend raises concerns. Brandt’s assertion that XRP/BTC could trend towards zero stems from the ongoing failure to bounce back from key levels, emphasizing the importance of technical analysis in forecasting price movements.
In a subsequent post, Brandt emphasizes the disparity between XRP and BTC performance, questioning the optimism of XRP supporters. At present, XRP is trading at $0.49845. Brandt’s analysis underscores the challenges XRP faces in maintaining value against Bitcoin, suggesting a grim outlook for the digital asset in the near future.
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1. Will XRP hit zero against BTC?
– It’s uncertain, but a veteran trader believes there’s a possibility due to pure classical charting.
2. What is pure classical charting?
– Pure classical charting is a method of analyzing price movements based on historical data and Market trends.
3. Why is the veteran trader citing pure classical charting?
– The veteran trader is using this method to predict the potential outcome of XRP against BTC.
4. Should I be concerned about XRP hitting zero against BTC?
– It’s always wise to stay informed and monitor the Market, but it’s important to remember that predictions are not always accurate.
5. What can I do to protect my investment in XRP?
– To protect your investment, consider diversifying your portfolio, setting stop-loss orders, and staying updated on Market trends and news.
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
