Veteran Trader Peter Brandt Spots This Bullish Signal On XRP Price Chart

Renowned trader Peter Brandt recently shared a bullish outlook for XRP in a post on X, citing technical patterns on the asset’s weekly chart.

He pointed to the emergence of a bullish wedge, which, if confirmed, could signal significant price appreciation extending into 2025. However, this longer-term view, contrasts with short-term signals from XRP’s daily chart, which indicates a possible pullback from its local high of $2.728.

Brandt has also noted the formation of a Half Mast Flag pattern on the XRP/USD chart. “If this pattern completes,” he stated, “the distance to upside should equal advance into tip of flag.” While this technical setup often predicts a continuation of prior gains, it is not a guaranteed indicator of sustained upward momentum.

Assessing the December Rally and Its Aftermath

XRP experienced a substantial surge in December, peaking at $2.72 on December 3. This marked one of the asset’s highest points since its 2018 all-time high. However, the rally lost steam, and XRP has since been on a gradual decline. Market volatility intensified during the holiday period, further hindering price recovery efforts.

The introduction of Ripple’s RLUSD stablecoin briefly reignited investor interest, leading to a minor uptick in price. However, the rally was insufficient to push XRP toward new highs, leaving the asset 36% below its peak valuation recorded nearly six years ago.

As of now, XRP is trading at approximately $2.14, reflecting a period of stagnation as it struggles to regain upward momentum.

Current Market Metrics and Investor Sentiment

Despite the recent correction, XRP’s market fundamentals continue to demonstrate resilience. The asset’s market capitalization has reached $125.48 billion, suggesting a stable base of investor confidence.

Meanwhile, its 24-hour trading volume has climbed by 5% to $5.42 billion, resulting in a volume-to-market cap ratio of 4.41%. This indicates consistent liquidity levels within the market.

In addition, XRP’s fully diluted valuation (FDV) now stands at $214.25 billion. This metric highlights the asset’s strong long-term potential, underscoring its enduring appeal among both retail and institutional investors.

While XRP has yet to reclaim its former glory, its robust market metrics and technical signals offer hope for recovery in the months ahead. Whether 2024 will bring a renewed rally or further consolidation remains to be seen.

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.

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