Renowned commodity trader Peter Brandt recently drew attention to a critical XRP price analysis.
Brandt shared what he described as the “most powerful chart in the crypto world,” emphasizing the significance of XRP’s market cap breaking through a substantial triangular consolidation pattern, signaling potential momentum in the cryptocurrency’s performance.
This the most powerful chart in all of crypto world $XRPUSD pic.twitter.com/UexaPB4D9r
— Peter Brandt (@PeterLBrandt) December 7, 2024
The digital asset has demonstrated remarkable performance recently. XRP is trading at $2.17, down 12% in the last 24 hours. Meanwhile, it recently crossed $2 for the first time since 2018. It has maintained this level since then.
The asset is currently positioned as the third most valuable token by market cap, recently flipping Solana, BNB, and USDT. Experts have predicted that it can surpass Ethereum in the current cycle, and the community is eagerly anticipating further gains.
Peter Brandt’s Analysis of XRP
Brandt’s chart shows the market cap level of $146.3 billion as a crucial level for XRP to surpass. The digital asset has dropped below this level, currently trading at $2.17 with a market cap of $123.5 billion.
Brandt’s analysis represents a notable shift in his previous stance towards XRP. Historically critical of the cryptocurrency, he had previously suggested that the XRP/BTC trading pair was headed towards zero and predicted a potentially significant downturn for its community.
His recent perspective marks a dramatic reversal from earlier bearish predictions. He recently predicted that a surge above the asset’s 2021 peak of $1.96 would bring a substantial rally, and following the breakout, XRP surged to a multi-year high of $2.86.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
XRP’s Remarkable Performance
Two other factors have also contributed to XRP’s recent surge. First, the unexpected resignation of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has created a sense of regulatory uncertainty and potential optimism within the cryptocurrency market.
Second, increasing speculation and discussions surrounding potential exchange-traded fund (ETF) approvals have generated additional momentum for the digital asset.
However, those excited about ETFs will have to wait, as the SEC has revealed that it won’t approve any more ETFs under the current administration.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
