“Inverted H and S (head and shoulders) contingent upon pattern completion.”
Although Brandt says XRP is showing signs that it may finally launch its bull cycle, he is still staying away from the seventh-largest crypto asset.
“I do not trade OTC (over the counter) securities. If I did trade such securities, XRP would be of interest. XRP is a security issued by Ripple Labs.”
Brandt has been known to distance himself from XRP. In a strategy session in January, the veteran trader notes that while XRP may eventually erupt, he’s still not convinced that it is a long-term investment.
“I know many of you are Ripple fans, XRP fans. I’m sorry, I just can’t get all excited about that. I’ve talked about that in the past with you many times. For me, this is a Bitcoin story. Bitcoin is the legacy coin. I don’t want to be sidetracked because I think the granddaddy of them all is going to continue to be Bitcoin.
“Big picture BTC. Bitcoin is undergoing its third parabolic advance in the past decade. A parabolic advance on an arithmetic scale is extremely rare – three on a log scale is historic.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/diversepixel