Prominent XRP Skeptic Now Believes The Cryptocurrency Could See Significant Surge

Prominent XRP skeptic now believes the cryptocurrency could see significant surge if it surpasses its 2021 peak of $1.96.

Peter Brandt, a long-time critic of XRP, now sees a highly optimistic scenario for the cryptocurrency if it breaks its 2021 peak.

Recently, XRP surpassed the $1 mark for the first time in almost three years, sparking positive sentiment among investors and analysts who anticipate further gains.

Surprisingly, Brandt acknowledges that explosive growth could occur if XRP crosses key resistance levels, despite his history of skepticism.

His analysis points to a favorable setup for the asset.

XRP has formed a symmetrical triangle, or “coil” pattern, indicating a period of tightening price action since its significant drop from the all-time high of $3.31 in early 2018.

This pattern showcases lower highs and higher lows, creating descending resistance from the 2018 peak and ascending support from 2020, suggesting consolidation and reduced volatility that may lead to a breakout.

After recently moving above $1, XRP confirmed a breakout from the upper boundary of this multi-year triangle, surpassing its 2023 high of $0.93.

Following this milestone, it peaked at $1.265 on November 16 before pulling back slightly, currently trading around $1.08.

Brandt’s chart analysis indicates strong upward momentum, with the 8-week simple moving average (SMA) at $0.6775 and increasing trading volume supporting the uptrend.

Additionally, the chart shows decreasing values in the Average True Range (ATR) and Average Directional Index (ADX), confirming a contraction in volatility, a potential sign of an impending surge.

Brandt highlights the $1.96 resistance level from April 2021 as a crucial hurdle.

If XRP can clear this barrier, he predicts a “rocket-like” rally, although he did not specify a price target.

Despite his bullish outlook, Brandt has clarified that he does not hold or intend to invest in XRP, instead favoring Bitcoin (BTC) and Solana (SOL), along with involvement in non-fungible tokens (NFTs) through his Chart Wizards project.

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Also Read: XRP Now Achieves Highest Weekly Close in Three Years

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Frank Nez

Frank Nez is an American retail journalist whose research has been cited by SEC and Congressional reports. Frank Nez has been featured by prominent outlets such as TheStreet and NewsBreak. ‘Daily Crypto News’ is now an official CoinMarketCap news source.

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