Ripple (XRP) has passed the $1 mark for the first time in nearly three years. This heavy price movement has prompted optimism, with analysts predicting upward momentum. Despite past scepticism, veteran trader Peter Brandt says the XRP breakout could lead to an explosive rally if it surmounts specific resistance points.
However, Brandt also points out a fantastic bullish structure on Ripple’s chart that should ignite huge price action. The token just busted out of a multi-year symmetrical triangle, suggesting the long-term consolidation is complete. The evidence for this breakout includes rising trading volume and Ripple holding above the psychological $1 level.
XRP, which hit a high of $1.265 earlier this week and is trading around $1.11, is rallying off a strong recovery. The move also helped cement XRP’s bullish countermovement above its 2023 high at $0.93, reviving interest in the altcoin’s future prospects.
Symmetrical Triangle Indicates XRP Price Surge
Peter Brandt brings the centre stage to an XRP symmetrical triangle pattern forming on its chart for years. As the price followed its way back and forth between the lines of descending resistance and ascending support lines, they started to develop this structure of price tightening. A recent breakout above this triangle suggests that the market momentum has changed.
Brandt points out that if XRP can overtake the $1.96 resistance level from 2021, we may see a powerful price acceleration. If sustained, the bullish setup is confirmed by the 8-week simple moving average at $0.6775. Furthermore, ATR and ADX indicate that volatility is contracting and an explosive move is imminent.
Source: X
However, trading volume during the breakout has also increased, suggesting a strong rally. The combined effect of the above implies that XRP will see more gains if intense support levels stay in place. The move is good, but XRP has to break past resistance zones before a full-scale rally.
Analysts Optimistic About XRP’s Bullish Momentum
Peter Brandt, who has expressed a cautious attitude towards XRP, acknowledges how well the token has been set up. So if XRP breaks $1.96, he predicts a rocket-like rally but doesn’t give a price target. The analysis shows that the broader market is becoming more confident that XRP is headed up.
Brandt said he doesn’t own XRP and won’t stray from his commitment to Bitcoin and Solana. Going through the Chart Wizards project and NFTs proves his diversification in the market. That neutral position communicates more of his technical take than any biased position — emotional or financial.
XRP is consolidating above $1, and investors and analysts are keenly monitoring the coin’s progress. If the broader cryptocurrency market is bullish about the second leg of XRP’s rally, it may contribute additional tailwinds to the cryptocurrency. However, momentum will only last if these key resistance levels are overcome.
The $1.96 level is just as crucial as a breakdown, supporting all the XRP’s recent history. Unlike many large projects, breaking this resistance would accelerate the gains, attracting more attention from investors. The current rally looks good, but Ripple needs to continue to post strong trading volume and strong market support to maintain the momentum.
Ripple continues to trade above the psychological $1 level, and analysts are optimistic that XRP has the potential to continue upward. But caution prevails; there is no guarantee, as both volatility and external market factors are in play. XRP approaches a critical region of resistance zones, with the market awaiting further confirmation of a long-term bullish trend.
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