According to U.Today, renowned commodity trader Peter Brandt has highlighted a significant development in the cryptocurrency market, focusing on XRP. Brandt shared what he considers the most crucial chart in the crypto world, illustrating XRP's market cap breaking out above a major triangular consolidation pattern. This breakout suggests that the Ripple-affiliated token might continue its impressive rally, as its market cap surpasses the resistance level of $146 billion.
Over the past 24 hours, XRP's price has surged by more than 6%, significantly outperforming the broader cryptocurrency market. The token has seen a remarkable 36% increase over the past week. Despite this bullish outlook, Brandt has faced criticism from some in the cryptocurrency community for his sudden change of stance on XRP. Previously, he had dismissed the token, predicting that the XRP/BTC pair would plummet to zero. In August, Brandt suggested that XRP community members would gradually disappear if a long-term bearish pattern unfolded.
However, Brandt's perspective shifted last month as XRP experienced a substantial rally, reaching a trading price of $1.1. Despite his bullish chart analysis, Brandt clarified that he does not intend to purchase XRP, stating that he only holds Bitcoin and Solana. XRP's price continued to climb, reaching a multi-year high of $2.82 earlier this month. The token is now just 25% away from achieving a new all-time high, a milestone it has not reached in seven years. The recent surge in XRP's value is attributed to the resignation of SEC Chair Gary Gensler and increasing interest in cryptocurrency ETFs.
