A former XRP critic believes it now has the strongest chart in crypto markets as XRP demonstrated an impressive resilience.
Market veteran Peter Brandt, a long-time critic of XRP, has recently acknowledged that the XRP weekly chart is currently the “most powerful” in the entire cryptocurrency market.
This shift in perspective follows XRP’s impressive resilience over the past week, particularly after it reclaimed the $2 mark and maintained this level despite some fluctuations.
Brandt, who has historically been skeptical of XRP, has updated his stance since the digital asset broke above the $1 threshold last month.
He indicated that XRP is in a bullish setup and projected that if it surpasses $1.96, it could trigger a significant price surge.
After XRP successfully moved above the $1.96 level, Brandt shared a one-week market cap chart, reinforcing his positive outlook.
He characterized XRP’s chart as exceptionally strong, highlighting a recent breakout that signals the end of an extended consolidation phase.
For years, XRP’s price fluctuated within a symmetrical triangle, suggesting that a major movement was on the horizon.
This breakout was confirmed as XRP surged past the critical $1 resistance and reached the $2 milestone on December 1, marking a significant achievement not seen in seven years.
Accompanying this price movement was a notable increase in trading volume, indicating a healthy uptrend.
The Average Directional Index (ADX) suggests strengthening momentum at 27.26, further supporting the bullish sentiment.
Additionally, XRP’s market cap has now surpassed the eight-week moving average, currently at $67 billion, with recent valuations exceeding $146 billion.
Following this breakout from a multi-year consolidation pattern, potential targets could include previous all-time highs.
If the upward momentum persists, XRP may aim for the $3.50 range, with long-term aspirations reaching $5, which would translate to a market cap of approximately $285 billion.
In response to Brandt’s analysis, fellow analyst Ali Martinez pointed out that large holders, or “whales,” are also recognizing XRP’s bullish structure.
During recent price fluctuations, these whales accumulated over 120 million XRP tokens, valued at approximately $288 million.
Trader Mark Wolfson added that XRP has the potential to provide a cost-effective alternative for governments and institutions in global finance, positioning it as a competitor to traditional systems like SWIFT.
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Also Read: AI Now Provides Best Short Term And Long Term XRP Scenario
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