- XRP could hit a new ATH soon.
- XRP forms an inverted head and shoulders pattern.
- The crypto price is still 70% from reaching its ATH of $3.40.
Ripple (XRP) could soon hit a new all-time high after forming a bullish inverted head-and-shoulders pattern on the weekly chart, according to Peter Brandt.
In addition, the sudden spike is due to Ripple Labs having grant access to the US Security and Exchange Commission (SEC). More so, US Magistrate Judge Sarah Netburn granted the defendants’ motion, determining that SEC minutes concerning crypto are likely discoverable.
XRP Price Chart Showing Inverted Head and Shoulder Pattern
According to CoinGecko, the XRP price is $1.46 with a 24-hour trading volume of $28.23 billion, at the time of writing.
TradingView)
The inverted head and shoulders pattern shows a specific chart formation that predicts a bearish-to-bullish trend reversal. Moreover, the pattern is also indicated as one of the most reliable trend reversal patterns. Even more, XRP is still 70% from reaching its all-time high of $3.40.
Peter Brandt adds,
“This possible inverted H&S with stunted RS would indicate prices a boat load higher (new ATHs).”
On April 6, XRP spiked to a three-year high of $1.11 on the cryptocurrency exchange Bitstamp despite Ripple being sued by the US Securities and Exchange Commission. Moreover, this sudden surge of altcoin pushed the total market cap of all cryptos to a record of $2 trillion.
This article was first published on coinquora.com