XRP Price Prediction: Veteran Trader Eyes 60% Rally
XRP has captured market attention with its recent performance, drawing analysis from traders and experts. Peter Brandt, a seasoned trader, identifies a rare ‘continuation compound fulcrum’ pattern on the XRP/USDT weekly chart. This technical formation suggests a potential 60% price increase, with a target of $4.47. The prediction comes as XRP posts its strongest weekly gains since November, accompanied by record accumulation in large investor wallets.
Understanding the XRP Market Pattern
The ‘compound fulcrum’ represents a complex base formation that typically precedes significant price movements. While this pattern indicates potential upward momentum, traders should note that a drop below the $1.80 support level could invalidate the bullish scenario.
On-Chain Data Supports Growth Potential
Glassnode’s Net Unrealized Profit-Loss (NUPL) metric shows XRP transitioning into the ‘belief-denial’ phase, historically a precursor to sustained price increases. Key observations include:
- Record-high XRP holdings in whale wallets signal strong investor confidence
- Bitcoin maintaining above $110,000 could create favorable conditions for altcoins like XRP
Expert Perspective on XRP’s Trajectory
“The current XRP chart presents one of the most compelling setups I’ve observed,” notes Peter Brandt. His analysis, supported by on-chain metrics, suggests cautious optimism for XRP’s medium-term outlook.
Final Considerations for XRP
While technical indicators point to potential growth, market conditions remain fluid. Investors should monitor key support levels and broader market trends while conducting their own thorough research.
