XRP Poised for Explosive Rally, Says Veteran Analyst

Peter Brandt, a well-respected analyst with over 50 years of experience in the financial markets, has shared a bullish perspective on XRP, suggesting that the cryptocurrency is poised for another significant rally.

According to Brandt, XRP’s price chart is currently showing a large coil formation, a technical pattern that often precedes major price movements in the market. This pattern has led him to believe that XRP is setting up for a potential parabolic rise, especially if it can break through key resistance levels.

Ready to RIP $XRPUSD
Massive coil
2023 high now cleared
If 2021 high is cleared, then 🎑🚀🚀🚀🚀🚀 pic.twitter.com/bNKgJMC302

— Peter Brandt (@PeterLBrandt) November 18, 2024

Brandt emphasized that XRP’s fundamentals remain strong, and the digital asset is benefiting from a number of positive developments in the crypto space.

These factors, combined with the recent price action, indicate a growing upward momentum. Brandt specifically pointed to the $1.96 price level, which XRP reached in April 2021, as a crucial resistance point. If XRP can surpass this level, Brandt believes a major rally could be triggered, potentially sending the price much higher.

Despite the recent drawback, Brandt’s analysis suggests that the cryptocurrency could be gearing up for even greater gains, driven by both its technical chart patterns and ongoing developments within the market.

If the momentum continues and XRP breaks through the $1.96 resistance, it could mark the beginning of a powerful price rally, according to Brandt’s analysis.