Top Analyst Calls XRP ‘Leader of the Pack,’ Here’s Why
XRP has been hailed as the “leader of the pack” by veteran analyst Peter Brandt, who recognizes its recent recovery and divergence from the overall crypto market trend.
XRP gained attention recently when it defied the broader crypto market and surged to a one-month high of $2.6 on Saturday. It experienced a significant intraday gain of 10.04%, marking its largest single-day increase since the beginning of the year.
Notably, this surge occurred while other major crypto assets showed lackluster performance. Bitcoin (BTC) slipped 0.14%, Ethereum (ETH) rose slightly by 0.49%, and Solana (SOL) added only 0.22% in value on the same day.
Despite his previous criticism of XRP, Peter Brandt acknowledged the token’s strength and referred to it as the “leader of the pack” in a recent post. He shared a chart highlighting XRP’s breakout above major resistance levels.
The chart data shows that XRP formed a symmetrical triangle after dropping from its seven-year peak of $2.9 on December 3, 2024. Symmetrical triangles like this often indicate market indecision and precede sharp breakouts.
Interestingly, with the recent sharp rise, 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 (SMA), which currently acts as short-term support at $2.38.
The Average True Range (ATR) of 0.1777 indicates increased volatility, suggesting stronger price movements ahead. Additionally, the Average Directional Index (ADX) at 15.48 indicates that the uptrend is gaining momentum but still 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 trigger a higher move, possibly validating the “half-mast flag” pattern previously identified by Brandt.
According to Brandt, if this pattern completes, it could pave the way for a major rally, potentially pushing XRP to a market cap of $502 billion. With its current supply, this market cap would push XRP’s price close to $8.74.
However, there are 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 lead to a return towards $2.2 or lower.
It is worth noting that Brandt’s stance on XRP has softened recently. While he had previously criticized XRP and its community, he now extends an olive branch to the XRP community. Brandt explains his earlier skepticism, attributing it to XRP’s historical tendency to lose value against Bitcoin, making it a risky speculative asset for capital preservation. However, he expresses admiration for XRP’s current success.
Despite a slight pullback on Sunday, XRP remains in a strong position above $2.5. The next few days will be crucial in determining whether it can continue its upward trajectory or face renewed selling pressure. Currently, XRP is trading at $2.51, up 0.45% this morning.
