Veteran trader and Bitcoin enthusiast Peter Brandt is turning bullish on XRP as the asset surges by 63% in one week.
This week, Brandt has seemingly changed his tune on the crypto asset. In a new tweet, the career trader tells his 456,000 followers that XRP is poised to break out against Bitcoin (XRP/BTC).
“This is called a compound fulcrum and can be a quite powerful buy signal. XRP/BTC.”
Brandt’s recent analysis is a bit of a 180 degree pivot from that which he shared with his followers back in March when he essentially called XRP a “scam,” pointing to the asset’s poor performance since Ripple’s run in with the U.S. Securities and Exchange Commission (SEC).
“So, all those who swallowed the XRP rip-off narrative from Ripple Labs hook, line and sinker, how’s your stash doing?”
XRP has failed to pass local December highs of $0.69 since news that the SEC was suing Ripple over the alleged unauthorized sale of a security in the form of its XRP token, until this past weekend.
The asset is trading around $0.90, as of writing.
As for BTC, Brandt believes the asset is due for an unprecedented ascent before its current bull cycle comes to a close.
“I think we’re in that midpoint pause where in 2017 Bitcoin swirled around for a month or two before we saw the final move up, and you’ll note that the midpoint in the 2015 to 2017 bull market was at about one-half or 60% of the total move. If that’s true, that points to the type of price level… That $200,000 plus is where this market would take it if this chart interpretation is correct.”