Peter Brandt, a popular trader and the author of ‘Diary of a Professional Trader,’ tweeted about how he would rather own bitcoin [BTC], bitcoin Cash [BCH], Monero [XMR] and Litecoin [LTC], than XRP due to manipulators.
He tweeted,
“$XRP – the manipulators have successfully defended crucial support levels. But with my $$ I would much rather own $BTC, $BCH and $XMR Though $LTC is the real winner among macro caps”
Peter Brandt has been known to take the XRP community head-on, with his opinions about how XRP price is allegedly being manipulated to hold at certain support levels. He further explained that if the manipulated support failed, there would be mass panic as the price of XRP would collapse.
Dynamics at work in a massive descending triangle that moves to apex.
1. Mkt is manipulated
2. Manipulators support at fixed level
3. But are forced to lower their selling price as time goes on
4. If (when) support gives way, desperation will ensue— Peter Brandt (@PeterLBrandt)
Brandt’s technical analysis showed the price of XRP getting stuck in a massive descending triangle, which usually results in a bearish breakout as per its definition. Descending triangles are formed after an uptrend reaches its peak and the price starts falling.
Additionally, Brandt’s tweets received a lot of heat from the XRP community as they disagreed with his opinions. Although XRP has moved from long-standing support post the recent rally, Brandt still believes that manipulators are controlling the support.
A Twitter user @mrlevelup commented,
“Can we get some love
from you? When are you coming to our family? You know we got the best family in crypto right? Come on Peter, let us create a banner for you brother”
To this, Brandt replied,
“I have no problem with classic manipulation. I was just calling the chart for what it was based on classical principles. Read Schabacker. Patterns are the footprints manipulators”
The FUD surrounding XRP has been around since its inception. Adding more fuel to this fire is SEC’s vague regulatory clarification of the cryptocurrency. However, many in the crypto community, including Binance’s CZ, believe that XRP is not a security.
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Published at Thu, 04 Apr 2019 00:07:59 +0000
