Renowned trader Peter Brandt predicted a potential 50% drop in the value of XRP (CRYPTO: XRP) on Saturday, marking a significant shift from his previous bullish predictions.
What Happened: Brandt, a seasoned chartist with nearly 50 years of experience, compared the cryptocurrency to a “Beanie Baby” and a “Pet Rock,” suggesting that it had little worth and that its market was based on speculation.
Pet Rocks and Beanie Babies were a set of convertible toys that emerged as a major fad during the late 70s and the 90s, respectively. Much of their value was derived out of hype.
Brandt drew attention to the formation of a “classic complex” head and shoulders pattern for XRP. Typically, the formation predicts a bullish-to-bearish trend reversal, characterized by three peaks forming a “head” and two “shoulders.”
“This could become bullish if 3.0 is exceeded, otherwise the implications is a decline to 1.07,” the seasoned trader warned. Should the …
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