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Commodity trader Peter Brandt has shared "the most important" chart in the cryptocurrency world, which shows the market cap of $XRP breakout out above a major triangular consolidation pattern.
This the most powerful chart in all of crypto world $XRPUSD pic.twitter.com/UexaPB4D9r
— Peter Brandt (@PeterLBrandt) December 7, 2024
Brandt appears to imply that the Ripple-affiliated token might continue its stunning rally now that its market cap is surging above the resistance level at $146 billion.
Over the past 24 hours, the price of the $XRP token soared by more than 6%, vastly outperforming the broader market. The cryptocurrency is up by 36% over the past week.
At the same time, Brandt has been ridiculed by some members of the cryptocurrency community after suddenly changing his tune on $XRP after dismissing the token for years.
Just several months ago, the commodity trader claimed that the $XRP/BTC pair was going to zero.
In August, he claimed that $XRP community members would start "slowly disappearing to never be seen again" if a multi-year bearish pattern were to play out.
Brand seemingly turned bullish on $XRP last month after the cryptocurrency already experienced a substantial rally, trading at $1.1. However, the chartist clarified that he had no intentions to actually buy $XRP, clarifying that he holds only Bitcoin and Solana.
$XRP went on to surge to a multi-year high of $2.82 earlier this month. Now, the controversial Ripple-affiliated token is just 25% away from logging a new all-time high after seven years.
The token has surged higher due to the recently announced resignation of SEC Chair Gary Gensler and the growing ETF buzz.