Peter Brandt forecasts XRP rally to persist, nearing $2.50 after breaking resistance, with consolidation likely ending soon.
Peter Brandt, a seasoned trader, has expressed optimism regarding the XRP price, predicting that it will continue to increase in the months ahead, bolstered by the Bitcoin price’s recent surge to a new all-time high. His prediction follows a period of consolidation, during which the price has maintained its position above critical support levels.
Peter Brandt Analyzes the Price Trend of XRP
The price of XRP is currently trading at approximately $2.60, having emerged from a wedge structure that limited the price for several months. Peter Brandt observes that the XRP price consolidates within a narrow range before continuing an upward trend. At the time of publication, the price of XRP was $2.77, representing a 13% increase from the intraday low of $2.47.
He observes that this period of sideways movement does not indicate a potential peak, but rather a temporary hiatus before the subsequent upward movement. According to Brandt, the price is expected to increase as the consolidation phase concludes.
Brandt’s analysis indicates that a robust impulse move has preceded the current sideways action. He believes this trend suggests the tendency’s perpetuation, rather than its reversal. The price is currently trading above the previous resistance level of $2.35-$2.40, which is now functioning as a support line.
In addition, the volume supports this price action, suggesting that it is not a false breakout. As per Coinglass, the positive sentiment has been reflected in the derivatives market data during the rally, with XRP’s open interest increasing by 22.31% to $7.12 billion and volume skyrocketing by over 236% to $29.85 billion.
Technical indicators suggest that there will be additional rallies
In his analysis, Peter Brandt emphasized the significance of the XRP price’s breakout in late 2024, which occurred within a long-term symmetrical triangle. The move was further bolstered by the fact that this breakout occurred on increased buying volume.
The market has remained close to $2.00 and $3.00 since then, suggesting that buyers continue dominating the market. Brandt predicts that a subsequent rapid ascent may follow this consolidation in the near future.
Simultaneously, the Average Directional Index (ADX) is above 51, which indicates a robust trend, as indicated by technical indicators on his chart. Furthermore, the Average True Range (ATR) has slightly decreased, which is a typical indicator of a market halt before a more substantial move, following Brandt’s prediction that a new all-time high for the XRP price is imminent.
XRP is now the third-largest cryptocurrency
An increase in interest in the token, both from new users and within the broader market, has been observed in conjunction with the price movement of XRP. According to Santiment data, the number of XRP wallets created in a single day surpassed 6,900, marking the most substantial increase since March 1st.
Additionally, XRP has garnered significant attention on social media, with over 5.5% of all crypto-related conversations centered around this token.
As a result, XRP has surpassed Tether in market capitalization, having reached $170 billion, to become the third-largest cryptocurrency. This market value has increased due to the heightened interest in retail and the expansion of the network.
XRP is experiencing a surge in investor confidence, as its price has reached a four-month high of $2.97. This optimistic outlook is consistent with Brandt’s forecast of additional upward movement in the upcoming weeks.