2024-11-26 19:32 |
Renowned trader and market analyst Peter Brandt, long known for his critical stance on XRP, has stunned the crypto community with a surprisingly bullish forecast for the Ripple-affiliated token.
On Monday, Brandt tweeted a chart highlighting a symmetrical triangle pattern on the XRP/USD pair, suggesting a potential breakout. Notably, the chart illustrates XRP’s gradual consolidation into tighter price ranges, culminating in a decisive breakout above the triangle’s upper boundary, a strong bullish indicator.
Brandt further noted that XRP’s 2023 high has been cleared and hinted that breaking its April 2021 peak of $1.95 could set the stage for a new all-time high of $3 or beyond.
“Ready to RIP XRPUSD. Massive coil. 2023 high now cleared. If 2021 high is cleared, then…,” he wrote, posting rocket emojis.
However, in a follow-up tweet, Brandt clarified that he does not hold a long position in XRP and has no intentions of buying it. Instead, he confirmed his holdings in Bitcoin (BTC) and Solana (SOL), along with ownership of some NFTs.
Meanwhile, Brandt’s latest analysis marks a striking shift from his historically bearish stance on XRP. Just last month, the 77-year-old trader issued a forecast for XRP against Bitcoin, pointing to an 11-year head-and-shoulders pattern on the XRP/BTC chart. Brandt warned of XRP dropping to zero, derisively referring to Ripple as “RIP PPL OFF,” further underscoring his disdain for the token.
Earlier in August, Brandt described XRP’s price action as part of a long-term bearish trend. He highlighted what he termed a “multi-year complex head-and-shoulders” pattern, emphasizing that “If this chart penetrates the lower support line, then all accounts with XRP initials will slowly disappear, never to be seen again.” His remarks, laden with sarcasm, drew sharp reactions from both XRP supporters and critics.
These past statements make Brandt’s newfound bullish outlook all the more unexpected, as XRP’s recent price action seems to have prompted a reevaluation of his earlier assessments. Notably, XRP’s impressive rally earlier this month saw its price surge by around 150%, reaching $1.26, its highest level in over three years. Having now surpassed its 2023 high of $0.95, investor attention has shifted to whether XRP can retest and consolidate around this level before making another strong upward move.
At press time, XRP was trading at $1.45, reflecting an 8.15% surge over the past 24 hours.
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