As a seasoned analyst with over two decades of experience in commodity trading and cryptocurrency markets, I must admit that my initial skepticism towards XRP was rooted in the token’s complex regulatory environment and its association with Ripple. However, Peter Brandt’s recent chart analysis has piqued my interest.
Trader Peter Brandt has posted what he considers the key chart in the crypto sphere, depicting the market value of XRP surging beyond a significant triangle-shaped holding pattern, indicating potential growth.
This the most powerful chart in all of crypto world $XRPUSD
— Peter Brandt (@PeterLBrandt) December 7, 2024
It seems that Brandt suggests the Ripple-linked token could potentially maintain its impressive upward trend as its market capitalization exceeds the resistance point of $146 billion.
In the last day, the value of XRP token surged by over 6%, significantly exceeding the general market growth. Over the past week, its price has climbed an impressive 36%.
Simultaneously, Brandt has faced mockery from certain crypto enthusiasts following his abrupt shift in stance towards XRP, having previously dismissed the token for a long period.
Just several months ago, the commodity trader claimed that the XRP/BTC pair was going to zero.
In August, he predicted that if a prolonged downtrend (multi-year bearish pattern) were to unfold, members of the XRP community might gradually disappear and not reappear.
Last month, it appeared as though the brand shifted optimistic towards XRP when its price soared to $1.1 following a significant upward trend. Yet, the analyst made it clear that he didn’t plan on investing in XRP himself; instead, his portfolio consists solely of Bitcoin and Solana.
Earlier this month, XRP reached a peak of $2.82, marking a multi-year high for the token associated with Ripple. Now, standing at only 75 cents below its all-time high, XRP is poised to potentially set a new record after seven years, being just 25% away from achieving this milestone.
The value of the token has significantly increased following the recent announcement of Gary Gensler’s resignation as SEC Chair, coupled with the escalating excitement surrounding ETFs.
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2024-12-08 11:00