Veteran trader Peter Brandt seems to have updated his tone on XRP, turning bullish after sharing a short-term bearish outlook only days earlier.
The recent change comes as XRP looks to recover from the latest market-wide slump, which pushed its price to $1.57 on Friday, Oct. 10. Interestingly, as the rebound takes shape, Brandt’s latest analysis suggests XRP could be entering a major breakout phase.
XRP Historical Data Confirms Bullish Structure
The analyst shared a weekly chart that covers more than a decade of XRP price movement, from 2013 to 2025. Notably, the chart shows how XRP’s price has moved in large triangle-shaped formations over the years, with long periods of sideways action leading to strong rallies.
Historical data indicate that XRP usually spends years in quiet consolidation before making its large moves. For instance, between 2014 and 2017, XRP traded inside a symmetrical triangle before breaking out in March 2017, with prices eventually hitting the peak of $3.31 by January 2018.
After the rally cooled off, XRP entered another long stretch of sideways movement, slowly forming higher lows and making way for its next breakout. Specifically, this stretch involved the most recent triangle, which began forming after XRP dropped from the $3.31 peak in January 2018, with the pattern lasting for six years.
A Parallel Channel After Triangle Breakout
A breakout finally happened during the November 2024 rally, when XRP surged above the upper boundary of the multi-year triangle. The move indicated renewed strength and a possible tilt toward a larger bullish cycle. However, following the breakout, XRP has since entered a consolidation phase featuring a parallel channel.
Interestingly, the recent market crash pushed XRP to retest the lower trendline of the channel, and the altcoin could leverage this support to build strength for a breakout.
At the time of Peter Brandt’s latest chart, XRP traded around $2.64, just below its 1-week simple moving average of $2.83. XRP has since corrected further to $2.55 at press time. The price now hovers beneath a strong resistance zone around $3.6, an area that lines up with its July 2025 peak.
Conditions for Bullish Momentum
While XRP looks bullish, it still lacks momentum. Specifically, the Average Directional Index (ADX) sits at about 21.5, pointing to a developing trend rather than a strong one. This means XRP could spend some time moving sideways or retesting support before building enough momentum for another leg higher.
For now, the bullish setup remains intact as long as XRP holds above its breakout zone and the rising trendline that stretches from roughly $0.8 to $1.5. A weekly close above $3 could confirm renewed strength and open the door for another upward move.
However, if the price slips below the breakout level or the lower trendline of the parallel channel, it could fall back toward the $1 region before stabilizing again.
In the coming weeks, for the market to decisively confirm a bullish bias, XRP needs to reclaim and stay above its weekly moving average, and the ADX must start rising to show stronger momentum. If these conditions align, XRP could repeat the explosive move that defined its 2017 rally.
For context, Brandt’s latest bullish outlook comes days after he suggested that XRP was on his list of candidates to short, but the analyst did not confirm the bearish structure. Following the market crash, he noted that he had taken his profit on the short trade. Today, he has flipped bullish.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
