Peter Brandt, the author of Diary of a Professional Commodity Trader and an old school trader, posted his technical analysis of XRP with a few controversial statements.
Brandt’s technical analysis showed the price of XRP stuck in a massive descending triangle, which usually results in a bearish breakout as per its definition. Descending triangles are formed after an uptrend reaches its peak and the price starts falling.
In addition, Brandt tweeted:
“Dynamics at work in a massive descending triangle that moves to apex.
1. Mkt is manipulated
2. Manipulators support at fixed level
3. But are forced to lower their selling price as time goes on
4. If (when) support gives way, desperation will ensue.”
The chart and the comments weren’t taken well by a few enthusiasts as they disagreed with Brandt. However, this is not the first time Brandt discussed XRP. In his previous tweet, Brandt said that Ripple was nothing but a glorified version of PayPal and asked XRP “bag holders” to be careful.
“The bag holders need to careful in their manipulation of this security (not a crypto). A decline below .2467 and they might be stuck holding a bag full of rotten goods. $XRPUST”
Moreover, the recent comments by the SEC clarified that Ethereum and other similar cryptocurrencies were not securities, but XRP still needs regulatory clarification regarding the same.
The price of XRP has been stuck in a sideways movement and trading below $0.40 since the end of November 2018. Other coins like Binance Coin [BNB] and Litecoin [LTC] have struck gold as they are on an uptrend, with a price rise of over 100% since the beginning of 2019.
Peter Brandt clarified the manipulation. He said:
“They are trying to get rid of their private stash and providing ARTIFICIAL support in process.”
Harry, a prominent trader and a well-known XRP enthusiast, tweeted:
“Sounds a little out there to be honest, looks like accumulation in a very tight range, but not enough to move the price significantly to get the traders really interested, but who is doing it? x”
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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.