Renowned trader and market analyst Peter Brandt, previously known for his skepticism toward XRP, has drawn attention with a bullish assessment of the cryptocurrency’s market cap chart. Brandt recently described XRP's chart as the “most powerful” in the cryptocurrency market, following a surge in its price to $2.6. His analysis has sparked optimism among traders and analysts, signaling a potential major rally for the token.
XRP’s Resilience Amid Market Pullbacks
XRP has demonstrated remarkable resilience over the past week, maintaining its position above $2 despite a broader market pullback that saw its price dip to $2.2. This strength has led some analysts to speculate that XRP may never fall below $2 again, as bullish momentum continues to build.
Peter Brandt’s Bullish Chart Analysis
In a recent post on X (formerly Twitter), Peter Brandt shared a bullish chart analysis of XRP. His chart highlighted a closing triangle pattern, a strong technical indicator for a potential breakout. This formation spans from XRP’s all-time high of $3.4 in January 2018 to its current price levels, with Brandt suggesting that a breakout could drive the price to between $3.5 and $5. This would translate to a market capitalization of approximately $285 billion.
Brandt’s optimism comes after his prediction last month that XRP would experience an explosive run if it breached the $1.96 resistance. Following that, XRP successfully crossed the level and rallied to a yearly high of $2.9, further reinforcing his outlook.
The triangular consolidation on Brandt’s chart, coupled with an average directional index (ADX) value of 27.26, indicates strengthening momentum. This technical setup, combined with other market factors, suggests that XRP is primed for a significant upward move.
Catalysts for XRP’s Momentum
XRP’s recent strength has been attributed to several factors, including geopolitical developments and potential regulatory changes in the United States. On December 1, XRP crossed the $2 mark for the first time in seven years, bolstered by these catalysts.
Community and Analyst Reactions
Brandt’s analysis has garnered support from the XRP community and top analysts. Ali Martinez, known as Ali Charts, highlighted that XRP whales have been accumulating the token during recent price dips. Martinez cited data showing large investors had purchased approximately 120 million XRP, valued at $288 million, after the price dropped from $2.9 to $2.2.
Another notable observation came from Mark Wolfson, who emphasized XRP’s utility as a fast and cost-effective solution for cross-border payments. He suggested that widespread adoption by governments and corporations could lead to explosive growth for the token.
Current Market Status
As of the time of writing, XRP is trading at $2.44, reflecting a 3.99% decline in the last 24 hours. Despite this short-term dip, the cryptocurrency remains in a strong technical position, with many analysts optimistic about its long-term prospects.
Conclusion
Peter Brandt’s endorsement of XRP’s chart as the “most powerful” in the cryptocurrency market underscores the token’s growing potential. With a strengthening technical setup, increased whale accumulation, and expanding use cases, XRP appears poised for a significant rally. Investors and traders alike are closely watching the token for its next major move.