Legendary trader Peter Brandt presented a chart showing a classic cup and handle pattern on the total altcoin market cap, sparking optimism among the XRP community.
Chart Analysis: Cup and Handle
Peter Brandt, known for his strict technical approach, shared a chart highlighting a cup and handle pattern. This bullish pattern signals a potential resumption of an upward trend after consolidation. The chart spans several years, reflecting the late 2021 retracement and a subsequent consolidating phase.
Recent XRP Momentum
XRP surged to $3.65 on July 18, marking a new all-time high for the asset. This followed a breakout from the $3 mark, accompanied by a brief retest and strong continuation upward.
XRP Community Reaction
The XRP community reacted enthusiastically to Brandt's analysis, interpreting it as confirmation of the altcoin season. Many market participants raised discussions about investment strategies, like dollar-cost averaging, while anticipating further growth of the asset.
Peter Brandt's analysis and chart suggest that XRP and altcoins may be on the brink of significant changes, generating activity in the community and expectations from the future market.
