Peter Brandt Predicts XRP Price Will Go “Up Up Up”

Veteran trader Peter Brandt has given a bullish outlook on XRP price, suggesting this rally could continue to rise in the coming months, buoyed by the Bitcoin price rally to a new ATH today. His prediction follows a period of consolidation, during which the price has remained steady above key support levels.

Peter Brandt Breaks Down XRP Price Trend

Currently, XRP price is trading around $2.60, having broken out of a wedge structure that had been capping the price for months. Peter Brandt pointed out that the XRP price is consolidating in a tight range before the continuation of an upward trend. As of press time, XRP price was trading at $2.77, a 13% surge from the intraday low of $2.47.

He notes that this period of sideways movement is not a sign of a top, but rather a pause before the next leg up. According to Brandt, the price is likely to move higher as the consolidation phase comes to an end.

Brandt’s analysis shows that there has been a strong impulse move followed by the current sideways action. According to him, this tendency indicates the continuation, but not the reversal of the tendency. The price is trading above the old resistance level of $2.35-$2.40, which now serves as a support line.

Additionally, the volume supports this price action, suggesting that it is not a false breakout. During the rally, derivatives market data have reflected the positive sentiment with XRP’s open interest climbing by 22.31%, to $7.12 billion, and volume surging by over 236% to $29.85 billion, as per Coinglass.

The rise to $7.12 billion comes just two days after XRP’s open interest surged to around $5 billion, matching its January high. This came following speculations that ProShares XRP ETF could launch soon.

Technical Indicators Point to More Rally

Peter Brandt, in his analysis, pointed out that the breakout of the XRP price in late 2024, from a long-term symmetrical triangle, was significant. This breakout was on stronger buying volume, which further strengthened the move.

Since then, it has remained in a tight range between $2.00 and $3.00, indicating that buyers continue to dominate the market. According to Brandt, this consolidation may be followed by another swift climb upwards soon.

Concurrently, technical indicators on his chart, like the Average Directional Index (ADX) sitting above 51, signal a strong trend. Additionally, the Average True Range (ATR) has slightly decreased, a typical sign of a market pause before a larger move, aligning with Brandt’s prediction of a new all-time high looming for the XRP price.

Meanwhile, fundamentals also support an XRP breakout above $3. This includes speculations that BlackRock could soon file for an XRP ETF. Such a move from the world’s largest asset manager would represent a massive move for the altcoin.

XRP Becomes Third-Largest Crypto

XRP’s price movement has been accompanied by increased interest in the token, both from new users and within the broader market. Santiment data indicate that the number of created XRP wallets exceeded 6,900 in one day, marking the most significant growth since March 1st.

Furthermore, XRP has achieved high popularity on social media, with over 5.5% of all crypto-related conversations focused on this token.

Consequently, XRP has overtaken Tether in market capitalization, reaching $170 billion to become the third-largest cryptocurrency. This market value has increased as a result of both higher network additions and sparking retail interest.

With XRP price trading at a four-month high of $2.97, the altcoin is seeing renewed investor confidence. This bullish sentiment aligns with Brandt’s prediction of further upward movement in the coming weeks.