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- Peter Brandt, once a skeptic, now labels XRP’s chart as the “most powerful” in crypto, spotlighting its bullish momentum and potential.
- XRP’s surge, fueled by optimism over legal and ETF developments, positions it near all-time highs, with market sentiment signaling continued growth.
Currently, XRP’s market cap has broken out above a major triangular consolidation pattern, which veteran trader Peter Brandt has called “the most important” chart in cryptocurrency. XRP’s market cap has surpassed a critical resistance level at $146 billion, reinforcing its position as the third-largest token by value.
From Skeptic to Bullish: A Shift in Tone
Peter Brandt, once a vocal critic of XRP, has faced backlash for his abrupt shift in perspective. Earlier this year, he dismissed the token, predicting its value would collapse. However, in a recent tweet, he described XRP’s chart as:
The most powerful chart in all of the crypto world $XRPUSD.
XRP recently soared to $2.82, nearing an all-time high after a seven-year gap. Despite this, as XRP rallied to $1.10 in recent months, Brandt appeared to reverse course, acknowledging its bullish potential while clarifying he remains personally invested only in Bitcoin and Solana.
Factors Driving XRP’s Rise
Following a Ripple vs. SEC update discussed in a CNF update, several key insights from legal experts on the Appeal Court notice have emerged. XRP’s meteoric performance is fueled by optimism surrounding SEC Chair Gary Gensler’s potential resignation and increasing enthusiasm for a Ripple ETF.
With the token now just 25% away from its all-time high, market sentiment suggests the rally might not be over. Brandt’s endorsement of the token’s chart adds further weight to predictions of sustained upward movement in the near term.
Over the last 24 hours, XRP’s price surged by 6%, contributing to an impressive 36% weekly gain and hinting at continued momentum. Currently, according to CoinMarketCap data, Ripple (XRP) is trading at $2.50, reflecting a 3.50% decrease in the past day but a 2.56% weekly increase.
