Notably changing his stance, well-known technical analyst and commodities trader Peter Brandt has unexpectedly lauded XRP, referring to it as the top performer among its cryptocurrency counterparts. On his social media platform (previously Twitter), he shared a daily XRP/USD chart on Sunday, stating: “Leading the pack.
In the same post, he emphasized the importance of real market positions rather than simple predictions, stating: “I shared a chart last week about what I thought would happen. Predictions have no value. There are plenty of predictions around. What truly matters is your positions.” This statement clearly reflects his main trading belief which prioritizes actual investments over speculation.
Brandt Extends Olive Branch To The XRP Army
Brandt recently endorsed XRP based on a technical analysis he posted last week through X, where he pointed out a possible “half mast flag” configuration. Previously, he emphasized that these kinds of patterns usually resolve within six weeks, cautioning that if they don’t, they could be questionable.
“Flags at half-mast ought to be restored in about six weeks; if not, they should arouse significant doubt. The flag representing XRP should start moving and grooving soon, or it may transform into something else, yet undefined. However, if it’s successfully completed, a potential market cap of $500 billion could materialize.
As an analyst, based on Brandt’s analysis, if the cryptocurrency asset exhibits the half mast flag pattern, it could potentially multiply its value significantly over the forthcoming weeks. Interestingly, when this seasoned trader made these observations, XRP’s market capitalization was roughly $138 billion. This implies that a potential surge towards a $500 billion valuation might be on the horizon.
This week, it seems Brandt has noticed a possible departure from the marked configuration, which, if confirmed, implies his prediction continues to hold true.
In simpler terms, Brandt, who previously voiced skepticism towards XRP, took the community by surprise on Sunday by offering what he termed as a “gesture of peace” to XRP holders. After admitting past criticisms, Brandt explained that his caution was due to his priority of safeguarding his trading funds.
For some time now, I’ve been quite critical of you and your XRP holdings, and I acknowledge that my tone was harsh. However, I find myself genuinely delighted by your current prosperity. As a seasoned trader, there’s nothing more gratifying than witnessing fellow investors scaling new heights. I would never belittle your achievements; instead, I have reservations about your stance on defending significant losses against an asset that generally maintains more stability.
He strongly emphasized his longstanding conviction that traders should prioritize safeguarding their capital by avoiding investments that, according to him, are prone to steep drops, particularly compared to Bitcoin, which he considers a benchmark for wealth storage. Brandt shared an example from 1981 when he heavily invested in futures trading with a small starting budget, underscoring the significance of protecting one’s capital.
Over the years, XRP has consistently dropped as much as 97% in value compared to Bitcoin, which I view as the benchmark for wealth storage. Continuing to hold onto an investment that repeatedly loses 90% of its value against a more stable asset is the epitome of insanity… My strategy is to minimize losses and wait for potential profits in any asset I own. I am confident in this method, and I stand by it. Furthermore, I believe that any asset that regularly plummets by 80% or more against a more stable asset is not a wise choice for wealth accumulation.
Despite this, he made it clear that his critique was mostly aimed at what he referred to as “arrogant and aggressive” arguments in defense of the token during significant losses, not the efforts of the community itself. In conclusion, the renowned trader stated:
Should you choose to embrace my olive branch, I appreciate your kindness. In contrast, if your response is less than courteous or respectful, it’s your prerogative. Rest assured, this will be my final comment regarding your XRP. May you find success with that asset.
At press time, XRP traded at $2.45.
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2025-01-13 10:26