Veteran analyst Peter Brandt calls XRP the leader of the pack amid a recent recovery that has seen it buck the overall trend.
For context, XRP recently captured the spotlight as it defied the broader crypto market’s trends over the weekend, surging to a one-month high of $2.6 on Saturday. It saw a massive 10.04% intraday gain, marking its largest single-day increase since the start of the year.
Notably, the surge came at a time when other major crypto assets showed lackluster performance. For instance, Bitcoin (BTC) slipped 0.14%, Ethereum (ETH) rose slightly by 0.49%, and Solana (SOL) added only 0.22% in value on the same day.
Amid the run, Peter Brandt, who has been a vocal critic of XRP in the past, acknowledged the token’s strength. He referred to it as the “leader of the pack” in a recent post, sharing a chart that highlighted XRP’s breakout above major resistance levels.
XRP Records Breakout
Data from the chart shows a symmetrical triangle XRP formed following the drop from the seven-year peak of $2.9 on Dec. 3, 2024. Symmetrical triangles such as this often indicate indecision in the market and precede sharp breakouts.
Interestingly, with the latest sharp rise, XRP recently broke out above the upper trendline of the triangle at $2.4, confirming bullish momentum. The breakout also saw XRP surge past its 8-day simple moving average (SMA), which currently sits at $2.38, now acting as short-term support.
The Average True Range (ATR) of 0.1777 indicates increased volatility, and this suggests stronger price movements ahead. Meanwhile, the Average Directional Index (ADX), now at 15.48, indicates that the uptrend is gaining momentum but still has room to strengthen.
Where to Next?
The recent breakout sets XRP up for a potential rally toward the next major resistance zone around $2.9 to $3. If the bullish momentum sustains, it could trigger a move higher, possibly validating the “half-mast flag” pattern previously identified by Brandt.
If this pattern completes, Brandt noted that it could pave the way for a major rally, potentially pushing XRP to a market cap of $502 billion. Considering its current supply, this market cap would push XRP price close to $8.74.
However, risks remain. The $2.5 level, which XRP is currently trading above, must hold as support to sustain the bullish outlook. A break below this level could invalidate the flag pattern and lead to a return toward $2.2 or lower.
Brandt Extends Olive Branch
Notably, Brandt has been largely bullish on XRP in recent times. While he had previously criticized XRP and its community, his tone has softened of late.
In a recent post, the market veteran finally extended an olive branch to the XRP community. He explained his earlier skepticism, noting that XRP’s historical tendency to lose value against Bitcoin made it a risky speculative asset for capital preservation. However, Brandt expressed admiration for XRP’s current success. Raoul Pal took a similar stance last year.
An Olive Branch to $XRP holders
Accept it if you will, reject it if you must, but I offer it with good intent
Over the years I have taken some hard shots at you and your $XRP asset. I admit my rudeness.
You've now had your chance to return the "favor." I get it. Some of your… pic.twitter.com/KIXdbz4gpJ— Peter Brandt (@PeterLBrandt) January 12, 2025
Meanwhile, despite a slight pullback on Sunday, XRP remains in a strong position above $2.5. The next few days will be crucial in determining whether it can continue its upward trajectory or face renewed selling pressure. Currently, XRP changes hands at $2.51, up 0.45% this morning.
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