Veteran trader Peter Brandt is sounding the alarm on XRP, a top-10 cryptocurrency. He believes XRP is showing a classic bearish pattern on its chart against Bitcoin, which could lead to a significant price drop.
XRP’s Potential Downfall
Brandt, who has a huge following on social media, sees a “head and shoulders” pattern forming on the XRP/BTC chart. This pattern is often seen as a sign that a price reversal is coming. If XRP breaks below a key support level, Brandt predicts a major crash.
Bitcoin’s Weakness
Brandt also sees signs of weakness in Bitcoin itself. He points to a series of lower highs and lower lows, which suggests that the cryptocurrency king might be losing its momentum.
Bitcoin vs. Gold
However, Brandt isn’t giving up on Bitcoin completely. He believes that Bitcoin could still outperform gold in the long run, even if the price ratio between the two drops significantly. He suggests that Bitcoin could fall to 16 times the price of gold, but still maintain its long-term bullish outlook.
Brandt’s Advice
Brandt emphasizes the importance of flexibility and avoiding dogmatism when it comes to investing in cryptocurrencies. He believes in owning both Bitcoin and gold, as they both offer different benefits.
Disclaimer: This is not financial advice. Always do your own research before making any investment decisions.
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