Peter Brandt, a renowned market analyst and a long-time critic of XRP, has acknowledged the cryptocurrency’s remarkable recent performance. Brandt described XRP’s weekly chart as the most powerful in the entire cryptocurrency market, highlighting its resilience amid market uncertainty. Over the past week, XRP has maintained its position above the $2 level, even as it faced occasional pullbacks.
Brandt, known for his skepticism toward XRP, has shifted his stance following its steady rise. After touching and closing above $1 in the monthly chart last month, he said there was a bullish setup that could see XRP jump once it surges above $1.96. With it now trading at $1.96, Brandt has recently offered the 1-week market cap chart of XRP to show the bullish stance, an about-turn from prior scorn.
Source: Peter Brandt
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XRP Breaks Multi-Year Consolidation Phase
The XRP chart shows a breakout from a multi-year consolidation phase characterized by a symmetrical triangle pattern. For years, XRP’s price moved within narrowing highs and lows, indicating an impending major shift. This breakout occurred as XRP surged past the $1 resistance level, followed by a decisive climb above $2 on December 1.
This is the first time in seven years that XRP has reclaimed the $2 milestone, with the breakout accompanied by a sharp rise in trading volume, confirming the strength of the move. There is a clear sign of the momentum in the current price action, supported by the ADX of 27.26. This means that XRP’s market capitalization has crossed its 8-WMA, now above $146 billion, while the WMA is at $67 billion.
Analysts believe this breakout positions XRP for further gains, with potential targets at $3.50 and $5. Achieving these levels could elevate XRP’s market cap to $285 billion.
Conclusion
XRP’s breakout and sustained momentum have drawn skeptics’ and supporters’ attention. With increasing whale accumulation and institutional interest, XRP appears poised for significant growth in the coming months.
Also Read: Analyst Predicts Further XRP Surge After Impressive Rally
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.