Peter Brandt, a legend in the finance world with decades of experience in financial markets since 1975, has drawn attention to XRP’s recent price movements, suggesting a potential breakout. Brandt shared a chart highlighting an extended build-up in a consolidation phase that has recently resolved with significant upward momentum.
Brandt’s observations stem from XRP’s performance over the years. XRP soared by 20% after Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC) hinted at his resignation. After a prolonged consolidation phase, XRP surged past $1 for the first time since 2021, a significant psychological milestone for investors.
The chart he shared showcases a symmetrical triangle pattern, which traders often interpret as a potential setup for explosive price action when resolved. The digital asset’s recent rally sent it above the upper trendline of the triangle.
Ready to RIP $XRPUSD
Massive coil
2023 high now cleared
If 2021 high is cleared, then 🎑🚀🚀🚀🚀🚀 pic.twitter.com/bNKgJMC302— Peter Brandt (@PeterLBrandt) November 18, 2024
XRP About to Smash Through Significant Milestone
XRP has experienced substantial volatility over the past few years, driven by Ripple’s legal battle with the SEC. Following Ripple’s victory in 2023, XRP saw a resurgence which sent it to $0.93.
Brandt noted that the recent surge sent XRP above its 2023 peak, and the cryptocurrency is now targeting the critical $1.96 level, last reached in 2021. Brandt also emphasized that clearing the $1.96 high from 2021 could pave the way for even greater gains.
This is not the first time Brandt has shown optimism for XRP. Despite being critical of some aspects of the cryptocurrency market and XRP in the past, he recently acknowledged a potential price reversal for the digital asset, suggesting that XRP’s structure could lead to a bullish scenario.
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The recent price breakout aligns with improving sentiment in the broader cryptocurrency market, with Bitcoin and Ethereum also showing strength. However, XRP’s price action has been particularly notable because it crossed the $1 milestone.
XRP is currently trading at $1.11, and despite a 1.06% decline over the past 24 hours, it is up over 101% from last month. As Brandt suggests, clearing the $1.96 resistance could serve as a major turning point.
Such a breakout would mark the highest levels seen in years and reinforce the narrative of renewed momentum. The next target would be its all-time high of $3.84. Other experts are already setting timelines for XRP to breach this level and only time will tell if the digital asset can meet their expectations.
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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