XRP has recently been gaining significant attention as it surges to new heights, defying broader market trends. Over the weekend, XRP saw a remarkable one-month high of $2.6, registering a notable 10.04% intraday gain. This surge marked its largest single-day increase since the beginning of the year, especially when compared to the muted performances of other major cryptocurrencies. For instance, Bitcoin (BTC) dropped by 0.14%, Ethereum (ETH) saw a slight rise of 0.49%, and Solana (SOL) only added 0.22% in value on the same day.
Veteran market analyst Peter Brandt, previously critical of XRP, has changed his stance and is now calling the token the “leader of the pack” after its recent breakout. Brandt shared a chart illustrating XRP’s successful move above major resistance levels, acknowledging the strength of the asset.
XRP’s breakout comes after it formed a symmetrical triangle pattern following a decline from its seven-year peak of $2.9 on December 3, 2024. Symmetrical triangles are often indicative of indecision in the market but can precede significant price movements, often leading to sharp breakouts. In XRP’s case, the cryptocurrency broke above the upper trendline of the triangle at $2.4, signaling a bullish momentum shift. The price surge saw XRP move beyond its 8-day simple moving average (SMA) of $2.38, which now serves as short-term support.
Brandt also pointed to increased volatility, as shown by the Average True Range (ATR) of 0.1777, suggesting that XRP could experience more significant price movements in the near future. The Average Directional Index (ADX) of 15.48 further supports the notion that the uptrend has momentum but still has room for further strengthening.
Following its recent breakout, XRP now faces its next major resistance zone, which ranges between $2.9 and $3. Should the bullish momentum continue, XRP could rally higher, potentially confirming the “half-mast flag” pattern previously identified by Brandt. If this pattern plays out, Brandt predicts that XRP could see a massive market cap increase, potentially pushing its price to $8.74, assuming a market cap of $502 billion.
However, risks remain for XRP. The $2.5 price point, where XRP is currently trading, must hold as support for the bullish outlook to remain intact. If XRP drops below this level, it could invalidate the flag pattern and push the price back toward the $2.2 range or lower.
While Peter Brandt has been skeptical of XRP in the past, particularly due to its historical tendency to lose value against Bitcoin, his recent analysis reveals a softer stance toward the asset. He has expressed admiration for XRP’s current success and extended an olive branch to the XRP community. Brandt acknowledged that, while XRP has traditionally been viewed as a speculative asset, its recent price performance has warranted recognition.
As of now, despite a slight pullback on Sunday, XRP remains firmly above the $2.5 mark. Whether the cryptocurrency can maintain its upward trajectory will depend on how it performs in the coming days. Should it hold above key support levels, XRP could continue to rise, while a break below these levels could lead to a correction.
Currently, XRP is trading at $2.51, up 0.45% on the day, and its next move will be closely watched by traders and analysts alike as the market evaluates its potential to continue as a leader in the cryptocurrency space.
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