thecryptobasic.com
Market veteran and long-term XRP critic Peter Brandt has admitted that the XRP weekly chart is currently the “most powerful” chart in all of crypto.
Brandt’s recent commentary comes on the back of the impressive resilience XRP has demonstrated over the past week amid market uncertainty. Notably, after recapturing the $2 mark last week, XRP has maintained a position above this level despite occasional pullbacks.
Interestingly, Brandt, known for his skepticism toward XRP, has recently changed his stance. After XRP conquered the $1 level last month, the market veteran confirmed that it is in a bullish setup. He projected that if XRP breaches $1.96, it could witness an explosive run.
Now, with XRP above the $1.96 level, Brandt recently shared a 1-week XRP market cap chart to express his bullish outlook. He described the XRP chart as the “most powerful” chart in all of crypto.
This the most powerful chart in all of crypto world $XRPUSD pic.twitter.com/UexaPB4D9r
— Peter Brandt (@PeterLBrandt) December 7, 2024
XRP Chart Shows Promise
Data from the chart shows a previous breakout for XRP, signaling the end of an extensive consolidation phase. For years, the price remained within a symmetrical triangle, with gradually narrowing highs and lows.
The formation of the triangle typically suggests that a major move is imminent, and XRP has confirmed this with its recent run. Notably, the breakout occurred as XRP surged past $1, a major resistance level, before reclaiming the $2 mark on Dec. 1.
This is the first time in seven years that XRP has achieved this milestone. The breakout occurred alongside a sharp increase in trading volume, confirming that the uptrend is a healthy one. Also, the ADX shows strengthening trend momentum at 27.26.
Meanwhile, the XRP market cap has surpassed the 8-week moving average. For context, the MA currently stands at $67 billion in market cap, with recent valuation levels for XRP soaring beyond $146 billion.
Following this breakout from the multi-year consolidation pattern, the next targets could lie at previous all-time highs and beyond. If momentum continues, XRP may aim for the $3.50 range, with the potential to target $5 as a long-term target, translating to a $285 billion market cap.
XRP Whale Accumulation Trend
In response to Brandt’s disclosure, Ali Martinez, another prominent analyst, stressed that whales are aware of the bullish structure. He highlighted whale activity during XRP’s price fluctuations.
According to Martinez, large holders accumulated over 120 million XRP tokens, valued at $288 million, during a recent pullback.
In addition, trader Mark Wolfson discussed XRP’s potential use case in global finance. Wolfson noted that XRP could serve as a cost-effective alternative for governments and institutions compared to traditional systems like SWIFT.