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**XRP Forms Ultra-Rare Fulcrum, Is $4.40 Next?**
In a surprising turn of events, legendary trader Peter Brandt has made a bold prediction regarding the future price action of Ripple’s native cryptocurrency XRP. According to recent analysis, XRP has formed an “extremely rare continuation compound fulcrum,” which could potentially propel the asset’s value to $4.40.
This remarkable pattern is an extremely rare occurrence in the world of technical analysis, indicating a bottom and a reversal in the market trend. Brandt emphasizes that as long as XRP does not close below this week’s low, his bullish outlook remains intact, citing the rarity of such patterns as a compound fulcrum.
The implications of this phenomenon are substantial, as it suggests that the present upward trend may continue. The price target for this pattern is $4.40, which represents an impressive 58% increase from current levels.
Brandt’s analysis marks a sharp turn from his previous bearish outlook on XRP, highlighting the complexity and uncertainty inherent in financial markets. It is essential to recognize that chart patterns sometimes fail, as seen in April’s false breakout that initially hinted at a bearish Head & Shoulders top, only to be swiftly negated.
As with any investment decision, it is crucial for investors to conduct their own research prior to making any decisions.
Source: u.today
