XRP Price Is Ready Parabolic Rally, Veteran Trader Peter Brandt Says

by

As a seasoned investor with over two decades of experience under my belt, I have learned to take market predictions with a grain of salt, but Peter Brandt’s analysis on XRP has piqued my interest. The coil pattern and the clearing of the 2023 high are indeed compelling indicators, suggesting that XRP might be gearing up for a parabolic rally.

Experienced investor Peter Schiff predicts a steep upward surge in the price of XRP, suggesting that the cryptocurrency might be poised for further growth after breaking through the $1 barrier. Schiff elaborated on the conditions required for XRP to experience such a dramatic increase in value.

XRP Price Ready For Parabolic Rally

According to a recent post on X, experienced trader Peter Brandt hinted at a potential surge in the price of XRP, suggesting it could experience a significant upward trend. He observed that a large coiling pattern is developing around XRP.

The design of this coil suggests a positive perspective on XRP, implying that the cryptocurrency is primed for a powerful surge that will mirror its underlying strengths. At present, XRP’s foundational factors are showing optimism due to various ongoing advancements.

The possible end of the XRP lawsuit might occur swiftly upon the resignation of Gary Gensler, who currently chairs the U.S. Securities and Exchange Commission (SEC). Notably, speculation of his impending departure led to a surge in value above $1 for XRP.

In addition to its basic characteristics, XRP is also showing optimistic signs from a technical viewpoint. As per Peter Brandt’s observation, XRP has surpassed its 2023 peak. This significant milestone occurred when Judge Analisa Torres made a ruling that XRP is not classified as a security in itself.

After surpassing the peak from 2023, the seasoned trader predicted that XRP is poised for a significant rise. To break its previous record set in 2021, XRP needs to reach a height of around $1.60. Once it achieves this milestone, a steep increase, similar to what Peter Brandt predicted, might ensue.

According to the trader’s accompanying graph, it’s predicted that the price of XRP could potentially surge up to $9 when the cryptocurrency reaches its target. Large XRP investors, or ‘whales’, may further boost this increase since they have been actively purchasing coins. Notably, these whales recently acquired approximately $526 million worth of XRP, with an initial aim for a rally towards $7.5.

Price Action Based On An Elliot Wave Analysis

In a recent post, cryptocurrency analyst Dark Defender shared his predictions about potential future movements in XRP’s price, using Elliot wave analysis as his guide. According to his analysis, the first wave (part of the third wave) had reached $1.2680. He also indicated that wave 2, which started with wave A at $1.26 and moved downwards towards $1, has already occurred.

Following his statement, he pointed out that wave B has started, potentially leading to a bullish turnaround towards $1.26. Yet, it’s important to note that this might not signify a complete recovery for XRP, as the analyst anticipates a subsequent corrective wave C may follow.

This wave C could lead to XRP dropping back to $1 again or even below. If this corrective move doesn’t happen, Dark Defender remarked that this means that XRP will break above the $1.33 level and rally to $1.88. A rally to $1.88 is significant as it means that XRP has cleared its 2021 high and will witness that parabolic rally, as Peter Brandt predicted. An XRP rally to $4 is on the cards based on crypto analyst Egrag Crypto’s prediction. The analyst predicted that the crypto could rally to as high as $4 after it crossed the $1 mark.

Read More

2024-11-18 22:52