Top Analyst Calls XRP ‘Leader of the Pack,’ Here’s Why
Veteran analyst Peter Brandt recently praised XRP for its strong performance, calling it the “leader of the pack” amidst a recent recovery. XRP has been defying the overall trend in the crypto market, gaining attention as it surged to a one-month high of $2.6 on Saturday. This marked a significant 10.04% increase in a single day, the largest since the beginning of the year.
While other major crypto assets like Bitcoin, Ethereum, and Solana showed lackluster performance during this time, XRP stood out. Peter Brandt, who has previously been critical of XRP, acknowledged its strength and shared a chart highlighting XRP’s breakout above major resistance levels.
The chart shows that XRP formed a symmetrical triangle following its drop from a seven-year peak of $2.9 on December 3, 2024. Symmetrical triangles often indicate market indecision and precede sharp breakouts. With its recent surge, XRP broke out above the upper trendline of the triangle at $2.4, confirming bullish momentum. The breakout also saw XRP surpass its 8-day simple moving average, which now acts as short-term support.
Increased volatility, indicated by the Average True Range (ATR) of 0.1777, suggests stronger price movements ahead. The Average Directional Index (ADX) at 15.48 indicates that the uptrend is gaining momentum and has room to strengthen.
The recent breakout sets XRP up for a potential rally towards the next major resistance zone around $2.9 to $3. If the bullish momentum continues, it could validate the “half-mast flag” pattern previously identified by Brandt. This pattern completion could lead to a major rally, potentially pushing XRP’s market cap to $502 billion and its price close to $8.74, considering its current supply.
However, there are still risks involved. The $2.5 level, which XRP is currently trading above, must hold as support to sustain the bullish outlook. A break below this level could invalidate the flag pattern and result in a return towards $2.2 or lower.
It’s worth noting that Peter Brandt’s sentiment towards XRP has softened in recent times. Despite previously criticizing XRP and its community, he has extended an olive branch, expressing admiration for XRP’s current success.
In summary, XRP remains in a strong position above $2.5, although there may be some pullback. The next few days will be crucial in determining whether XRP can continue its upward trajectory or face renewed selling pressure. Currently, XRP is trading at $2.51, up 0.45% this morning.