Veteran analyst, Peter Brandt is turning bullish on XRP as the asset surges by 79.2% in one week. In the latest tweet, Brandt tells his 456,000 followers that XRP is poised to break out against Bitcoin. He says that the trading pair has formed an “extremely rare” compound fulcrum pattern, indicating a “powerful” buy signal.
Veteran analyst, Peter Brandt believes that XRP could soar higher against Bitcoin, saying that the XRP/BTC trading pair has formed an extremely rare compound fulcrum pattern:
“This is called a compound fulcrum and can be a quite powerful buy signal. XRP/BTC.”
The compound fulcrum formation that occurs just once every few years usually means that a particular asset is ready for a trend reversal after bottoming out.
If he’s right, the Ripple token will soon outperform Bitcoin by a sizable margin.
Brandt had previously been critical of XRP due to its association with its parent company Ripple Labs.
Just last month, he essentially called Ripple Token a scam, pointing to the asset’s poor performance since Ripple had faced a lawsuit with the U.S. Securities and Exchange Commission (SEC) in December 2020.
Meanwhile, XRP is up around 80% percent over the past week after surpassing the $1 price mark this week for the first time in three years. The digital asset has now returned to the top 4 cryptocurrency list.
Ripple Labs has joined the Crypto Climate Accord to focus on the environmental impact of cryptocurrency. CoinShares and ConsenSys are among the other members to join the mission.
The initiative, led by Energy Web and the Alliance for Innovative Regulation (AIR), is inspired by the Paris Climate Agreement, per the announcement.
The Accord is aiming to make the cryptocurrency industry run on green energy by 2025. The initiative also aims to get CO2 emissions to zero by 2040.