Peter Brandt signals bullish setup for XRP rally
Veteran trader and analyst Peter Brandt has identified a bullish “massive coil” pattern in XRP (CRYPTO:XRP), indicating potential for a significant rally.
In a recent post on X, Brandt noted that this technical setup, where the price consolidates within a narrowing range, typically precedes a sharp breakout.
He pointed out that XRP has already surpassed its 2023 high, a crucial milestone that often spurs continued upward movement.
Brandt also mentioned that XRP’s 2021 high serves as a major resistance level, suggesting that crossing this mark could trigger an even larger rally.
Despite his positive technical analysis of XRP, Brandt emphasised that he is not personally invested in the cryptocurrency.
“I am NOT long XRP and have no plans to buy XRP,” he stated, clarifying that his interest lies in Bitcoin (BTC) and Solana (SOL).
Brandt’s analysis comes amid ongoing regulatory uncertainty surrounding XRP due to Ripple’s legal battles with the U.S. Securities and Exchange Commission (SEC).
President-elect Donald Trump’s pledge to position the U.S. as a leading force in cryptocurrency and his promise to replace SEC Chair Gary Gensler has further fueled market speculation.
Reports suggest Gensler may step down before Trump’s inauguration.
Brandt commented on XRP’s legal standing, noting that under Trump’s administration without Gensler, XRP might not be considered a security.
Ripple has faced SEC scrutiny since 2020 over claims that its XRP token sales were unregistered securities.
A partial 2023 ruling determined that XRP was not a security for retail sales, although institutional sales were classified as securities, resulting in penalties.
The case remains unresolved as the SEC appeals.
These regulatory shifts have bolstered market confidence in XRP, with traders anticipating a potential rally if favorable conditions develop.
At the time of reporting, the XRP (XRP) price was $1.08.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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