Peter Brandt shares "The most powerful" chart, hinting at new XRP records
Peter Brandt believes in XRP
Renowned trader Peter Brandt has shared what he calls "the most important" chart in the cryptocurrency world, illustrating XRP’s market cap breaking above a key consolidation level.
Brandt suggests that Ripple’s token could continue its impressive rally as its market capitalization surpasses the $146 billion resistance level. Over the last 24 hours, XRP’s price surged by more than 6%, significantly outperforming the broader crypto market. However, the momentum has since slowed.
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Despite the rally, some in the crypto community have mocked Brandt for his sudden shift in attitude toward XRP after years of criticism. Just months ago, Brandt claimed that the XRP/BTC pair was heading to zero.
In August, Brandt predicted that XRP community members would "gradually disappear" if its bearish trend persisted. Last month, however, he adopted a more optimistic outlook as XRP soared past $1.1. Still, Brandt clarified that he has no plans to invest in XRP, stating that he holds only Bitcoin and Solana.
Why XRP price is rising
XRP’s recent surge is fueled by several factors. A key driver was the resignation of SEC Chair Gary Gensler, announced recently. His departure, following criticism of his regulatory policies that stifled crypto growth—including the Ripple lawsuit—has been seen as a positive signal by investors, sparking optimism about reduced regulatory pressure on XRP.
Additionally, the price jump is supported by growing excitement around a potential spot XRP ETF. Investment firm WisdomTree recently filed with the SEC to launch an XRP-backed ETF. With the rising popularity of Bitcoin and Ethereum ETFs, the chances of approval seem promising.
Meanwhile, businesses continue to bolster their XRP reserves.
