In a recent update, renowned chart analyst Peter Brandt pointed out that a "very rare continuation composite pivot" pattern is forming on the XRP/USDT weekly chart. This complex bottom pattern, characterized by multiple smaller formations (such as failed breakouts and wedges), often signals significant price volatility. Brandt's analysis suggests that once this pattern resolves, XRP could see a rebound of approximately 60%, pushing the price close to the $4.47 mark.
This pattern reflects a period of indecision in the market, where weak holders are weeded out, allowing strong holders to increase their positions. However, Brandt warns that a decisive drop below the support level of $1.80 would invalidate this bullish scenario. The rarity and complexity of the composite pivot make it an indicator worth watching for traders looking to predict the continuation of major trends.
