XRP at $2.7? Legendary Trader Peter Brandt Shares Bullish View

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As a seasoned crypto investor with over two decades of experience under my belt, I find myself intrigued by Peter Brandt’s latest analysis on XRP. The bullish wedge pattern on the weekly chart certainly piques my interest, suggesting potential growth into 2025. However, as a wise man once said, “Don’t confuse a bull market with a bull.

Experienced investor Peter Brandt has posted two graphs suggesting potential future changes in the value of XRP.

In his recent post on X, Brandt shared a weekly chart that shows a bullish wedge pattern.

If validated, the pattern will show price growth into 2025.

The daily chart, however, suggests a correction from the local top level of $2.728000.

Here are two views of $XRPUSD a weekly chart and a daily chart
Strong opinions, weakly held
A chart is not an opinion and an opinion is not necessarily a position – this is a concept hard to understand by rookies

— Peter Brandt (@PeterLBrandt) December 27, 2024

Previously, Peter Brandt posted on Twitter that the XRP/USD exchange rate appears to be shaping as a Half Flag Pattern.

If this pattern fully develops, Brandt proposes that the potential for further growth should correspond with the point where the flagpole ends, mirroring the usual progression of this technical configuration. However, it’s essential to note that while this pattern often indicates a significant price shift after a decline, it doesn’t always ensure an upward trend.

Is 2024 XRP price rally over?

In December, XRP experienced a significant surge and hit an all-time high of $2.72 on Dec. 3. But since then, its price has been steadily dropping, with increased volatility around the holiday season. A short-lived rally took place following the launch of Ripple‘s RLUSD stablecoin, but it didn’t manage to restore XRP’s upward trend.

At the moment, XRP stands 36.3% lower than its peak from early 2018, failing to establish a fresh high in December, despite earlier promising trends.

Currently, the XRP price remains stale, sitting at the $2.1 level.

The total value of the market is now approximately $124.14 billion, showing a rise of 1.79%, and over the past 24 hours, trading activity has amounted to $4.02 billion, marking an increase of 27.92%. This suggests that there’s relatively stable liquidity with a volume-to-market cap ratio of 3.26%.

The fully diluted valuation (FDV) has climbed to $216.24 billion, reinforcing confidence in XRP’s long-term potential. These figures highlight the cryptocurrency’s resilience and ongoing appeal among investors.

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2024-12-28 16:38