Peter Brandt: Now is the time to buy Litecoin and XRP

07 Jun, 2019
by Richard Allen
Opinion
Peter Brandt: Now is the time to buy Litecoin and XRP

Peter Brandt, a well-known trader and author recently stated that a large buy signal was completed on the LTC/BTC pair. As such, Litecoin is expected to climb against Bitcoin. Additionally, XRP may reach highs of $0.5688 and $0.6260.

Litecoin is currently showing gains of over 10% and is the best performing top 10 currency. XRP comes in at second with gains of over 5%. Additionally, Litecoin’s halving is scheduled for August, which many in the community are seeing as a catalyst for a new bull run.

LTC/USD chart provided by Tradingview

With the upcoming halving set to reduce the asset’s supply rate from 25 LTC to 12.5 LTC, many investors are taking a page out of basic economic theory and seeing the reduced supply as a potential to drive up demand, making the asset more valuable. This may be one reason for the coin’s impressive price performance.

Additionally, Binance Research released a report recently which revealed that Litecoin had witnessed a hashrate increase of more than 150% over the last six months, with mining profitability increasing 125%. At the same time, Litecoin has gained over 380% against the US dollar from a low of $22.32.

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