Peter Brandt, a seasoned trader and long-time critic of XRP, has recently expressed a surprisingly bullish outlook on the cryptocurrency, suggesting that a breakout above the 2021 high of $1.96 could lead to explosive gains. While Brandt has been vocal about his skepticism toward XRP in the past, his latest analysis presents a different perspective, acknowledging that the current setup for XRP could signal significant upside if it manages to break key resistance levels.
XRP has made notable strides recently, reclaiming the $1 mark for the first time in nearly three years. This achievement has generated optimism within the crypto community, with many analysts and investors forecasting further gains for the altcoin. XRP’s ability to maintain a position above $1 has fueled optimism that the asset could break past previous resistance levels and continue its bullish trajectory.
One of the most important milestones for XRP in the current rally was its move above the 2023 high of $0.93. This breakthrough signaled the end of a long consolidation phase, and the altcoin surged to a peak of $1.265 on November 16, before retracing slightly to around $1.11 at press time. Despite the slight pullback, XRP’s price is still holding strong above the critical psychological threshold of $1, which has historically been a significant level for both traders and investors.
Peter Brandt, known for his detailed technical analysis and his past criticism of XRP, is now acknowledging the potential for explosive growth if the cryptocurrency manages to clear key resistance levels. His recent analysis highlights the formation of a symmetrical triangle (or “coil”) pattern on XRP’s chart, which signals tightening price action over an extended period. This pattern has been forming since XRP’s peak of $3.31 in early 2018, as the price has seen lower highs and higher lows in the years that followed.
According to Brandt, the tightening of price action within this triangle indicates that XRP is consolidating and could be poised for a breakout. The recent move above the $1 mark confirms a breakout from the upper boundary of this multi-year pattern, marking a significant step forward in XRP’s price action. As the triangle tightens, volatility decreases, suggesting that a sharp price move—potentially to the upside—is imminent.
Brandt’s analysis also highlights several key technical indicators that support the possibility of an XRP rally. The 8-week simple moving average (SMA) currently sits at $0.6775, reinforcing the notion that XRP is experiencing strong upward momentum. In addition, increasing trading volume during the breakout further validates the potential for continued upward movement.
Moreover, the Average True Range (ATR) and Average Directional Index (ADX) are both showing lower values, indicating that volatility is contracting. This suggests that XRP’s price action is stabilizing and could soon experience a significant breakout, with a sharp move in either direction.
Looking ahead, Brandt points to the $1.96 resistance level as a crucial barrier for XRP. This price point was reached during the April 2021 market rally and has since been a significant level to watch. If XRP can successfully break above $1.96, Brandt suggests that the altcoin could see a “rocket-like” move to much higher levels. Although Brandt did not specify a precise price target, his comments suggest that a move above $1.96 could signal the start of a major rally.
Despite his increasingly bullish outlook, Brandt made it clear that he does not hold or plan to invest in XRP. He emphasized that he remains loyal to Bitcoin (BTC) and Solana (SOL), and he is also involved in non-fungible tokens (NFTs) through his Chart Wizards project. While Brandt is acknowledging the bullish potential of XRP from a technical standpoint, he remains personally detached from investing in the cryptocurrency.
The outlook for XRP is increasingly positive as the cryptocurrency continues to hold above the $1 mark. The recent breakout from the multi-year triangle, combined with the tightening volatility indicators, suggests that a significant price movement could be on the horizon. Whether or not XRP can clear the $1.96 resistance level will be a key factor in determining the next phase of its price action. If XRP breaks through this barrier, the potential for a sharp rally remains high, and Brandt’s “rocket-like” prediction could come to fruition.
As always, investors should remain cautious and stay up to date with XRP’s price movements and key technical levels. However, for those who have been waiting for a shift in sentiment towards XRP, Peter Brandt’s analysis may provide a glimmer of hope for the future of the cryptocurrency.
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
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