Peter Brandt, a well-known critic of XRP, forecasts a significant rise for the cryptocurrency if it overcomes a key barrier from 2021.
Change in Peter Brandt's Perspective
Peter Brandt, who has been critical of XRP, surprisingly acknowledged the cryptocurrency's potential for substantial growth. He highlights that despite his prior skepticism, XRP could surge if it breaks the $1.96 resistance mark reached in April 2021.
Technical Analysis of XRP
Since forming a symmetrical triangle, or 'coil' pattern, XRP has shown a tightening price range, initiated after a sharp fall from the all-time high of $3.31 in early 2018. Recently breaching the $1 mark, XRP confirmed a breakout from the upper boundary of this multi-year triangle, peaking at $1.265 on November 16 and currently trading around $1.08. Brandt's chart analysis suggests strong upward momentum, supported by growing trading volume and decreasing volatility.
Potential Opportunities and Risks
The main obstacle for XRP's further growth is the $1.96 resistance level, which Brandt identifies as crucial. If the cryptocurrency surpasses it, he predicts a 'rocket-like' rally. Despite his optimistic outlook, Brandt clarifies that he does not hold or plan to invest in XRP, favoring Bitcoin and Solana. He is also involved with the Chart Wizards project in the NFT sector.
Despite his skepticism, Peter Brandt recognizes the potential for XRP to see significant growth if it breaks a crucial resistance level, though he remains focused on other digital assets and NFTs.
