XRP token, from Ripple, is set to make an upwards trend. Peter Brandt, a trading veteran with forty years of experience, revealed that the price action of XRP is controlled ‘constructively’ by a pattern that has developed on its weekly chart.
Earlier in March, one of the biggest cryptocurrency market caps surged by 230%. This marks where the consolidation pattern broke out. XRP went back to the tight neckline of $0.61. This was done to ensure that only the strongest hands stayed in the game.
XRP and Traffic Surges
Around July 20th, the price of XRP went back to $1.00. At the present moment, the asset is still consolidating in the same way. That XRP is presently in a tight space can be seen through the Fibonacci retracement indicator. Measured between April 14th and June 20th, prices went from $1.96 to $0.51. The financial goal of the head-and-shoulders tactics employed by XRP is $3.42.
Traffic surges to the XRP network have been on the rise, with nearly 6700 addresses on the network. This is almost a 394% increase, just from last week. Trends indicate that whenever the number of active wallets increases, so does the price of the altcoins. Although facing resistance, it’s still possible for XRP tokens to push past and reach record highs. If the underlying support barrier is removed, then the price of XRP could rise to even $0.70 or $0.85. Due to this, Peter Brandt, a trading veteran, believes that the XRP token from Ripple is headed for a bullish run.