XRP News: Peter Brandt Calls XRP Chart the “Most Powerful” in the Crypto Market

Peter Brandt, a known XRP critic, made headlines today after he analyzed the XRP’s market cap chart and referenced it as the “most powerful” chart in the crypto market right now. Notably, his analysis comes against the backdrop of a spike that pushed XRP’s price above $2.6.

Over the last week, XRP has shown resilience in the face of a market pullback that dropped its price to $2.2. Interestingly, XRP has continued to maintain its position above $2, indicating that the bulls are struggling to take over the market. Also, several analysts have predicted that XRP’s price might never go below $2 again.

XRP’s “Powerful” Chart

In a recent post on X (formerly Twitter), Peter Brandt shared a bullish outlook for XRP. His chart shows XRP’s market cap consolidating within a closing triangle, signaling a potential breakout.

Per his chart, the closing triangle pattern started from XRP’s all-time high (ATH) of $3.4 in January 2018, to its current price of $2.4. The chart suggests that once XRP breaks out of the triangle, its next target could be between $3.5 and $5, with a market valuation of about $285 billion.

With this bullish outlook, Brandt called the XRP chart “the most powerful in all of crypto world.” Recall that Brandt predicted that XRP would experience an explosive run if it breached the $1.96 mark last month. Interestingly, XRP successfully crossed the zone and rallied up to a yearly high of $2.9.

Meanwhile, the triangular formation on Brandt’s chart suggests that XRP is ripe for a major rally. The prediction is confirmed by its ADX (average directional index) value, signaling a strengthening momentum at 27.26.

XRP crossed the $2 mark on December 1, for the first time in seven years, triggered by several catalysts including geo-political factors, and potential changes in the U.S. regulatory climate.

Top Traders and Analysts Reacts

Meanwhile, Brandt’s analysis was met with optimism from several members of the XRP community. Particularly, Ali Martinez, popularly known as Ali Charts, stressed that XRP whales are aware of the bullish trend and are stockpiling the coin amid the recent dip.

He referenced a whale movement chart that suggests that large investors have accumulated about 120 million XRP, valued at $288 million after the price dropped from $2.9 to $2.2.

Another user, Mark Wolfson, cited XRP’s use case as an easier means for governments and firms to facilitate swift and cheaper cross-border payments. He noted that if XRP is heavily adopted this way, then the coin could experience explosive gains in the future.

Meanwhile, XRP traded at $2.44 at the time of writing, indicating a 3.99% decline in the last 24 hours.