This morning, professional commodity trader Peter Brandt tweeted yet again some positive technical analysis for XRP. Last time he said that XRP was bottoming out against BTC and he was exactly right and XRP/BTC continued to climb.
Now he is saying that on the XRP/USD daily chart is in a diamond formation and that this could lead to XRP climbing into the $0.50 range.
A diamond formation is actually a rare pattern that does not occur often, but when it does it usually signals a change in trend direction, so its not exactly a bullish pattern, however if it can manage to reverse this downtrend it could open us up to the next XRP rally, considering SWELL is only 13 days away.
XRP community member @mrlevelup spotted a different kind of pattern that is occurring at the same time as this diamond on a smaller time frame which he likes to call a ‘gooseneck’ and that is what has happened to XRP in the past prior to XRP impulses.
Once we were at number 3 on the charts (right side) he essentially called that the price of XRP would sharply drop, followed by a wick, and then a sharp corrective move to the upside, and that’s exactly what it did, lets see if this ends up leading XRP into the next parabolic impulse.
Both of these technical scenario’s, SWELL, and just really good information from Ripple lately, i’m feeling the bulls.