Legendary trader Peter Brandt posted a potentially constructive long-term chart for XRP price

By Selena On Sep 16, 2021

Savvy Trader Peter Brandt expressed congratulations to those who have invested in altcoins at an early stage as they have made significant profits so far. Therefore, he is admitting that he is a dinosaur in a new game. So, what does this story have to do with the XRP price? Crucially, the chart that Brandt shared to support his argument is that of the XRP/USD pair.

Source: Peter Brandt

XRP price forming potentially constructive long-term pattern

The trader apologized to all the original altcoin investors who had shown disrespect. He congratulated them on a “really well-done job” and called them the best representatives of the new generation of market speculators.

I sincerely apologize for any disrespect shown to those who climbed aboard the alt-coin train early and have the gains to show for it. Congrats on a job really well done. You exemplify the best of a new generation of market speculators. I am a dinosaur in a new game.

— Peter Brandt (@PeterLBrandt) September 15, 2021

“This is potentially a constructive long-term chart,” Brandt said that as underpin his statement about altcoins.

The chart above shows that XRP is forming an Inverse Head and Shoulders pattern. In theory, Head and Shoulders (regular or inverse) are followed by an asset reversal when it begins to move in an opposite direction. In this particular case, Brandt said that XRP is likely to increase in the long term.

There are quite a few that suggest that the XRP, as mentioned above chart was given to respond to a suggestion that Peter should jump on the Ripple train.

In the past, Brandt had repeatedly shown contempt for the Ripple-linked coin and called on the SEC to claim it as security long before the regulator sued their lawsuit against Ripple over the same issue at the end of December 2020. This year, however, the veteran commodity trader has repeatedly posted upbeat tweets about XRP.

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