On November 18, 2024, renowned trader and technical analyst Peter Brandt made a noteworthy forecast for XRP, Ripple’s native cryptocurrency. In a post on X (previously known as Twitter), Brandt highlighted that XRP had surpassed its highest price point of 2023, now on a trajectory towards its all-time high achieved in 2021. This revelation has sparked considerable interest among investors and crypto enthusiasts alike.
XRP Price Prediction by Peter Brandt
Brandt elaborated that if XRP manages to break past its 2021 peak, the cryptocurrency could witness a substantial price increase. Notably, XRP has already experienced a remarkable surge, climbing over 125% since the election of pro-crypto advocate Donald Trump as the President of the United States. This optimistic prediction from an industry veteran is resonating across the cryptocurrency landscape, drawing significant attention from XRP holders and traders.
Factors Influencing XRP’s Potential Surge
Several factors could contribute to XRP’s potential price explosion if it breaches its 2021 high. Among these are a bullish price action pattern that has caught the eye of traders and investors, significant accumulation by large holders and institutions, and the prevailing bullish market sentiment. Additionally, the possible resignation of SEC Chair Gary Gensler and speculation surrounding the approval of an XRP Exchange Traded Fund (ETF) in the United States are fueling positive sentiment around XRP.
XRP Technical Analysis and Upcoming Levels
Technical analysis reveals that XRP has recently broken out from a formidable resistance level at $0.95, entering a phase of consolidation over the past 48 hours. According to experts, if XRP surpasses the upper boundary of this consolidation zone and closes a daily candle above the $1.2 mark, there is a strong likelihood of an 18% increase, potentially reaching the $1.45 level. Should the price maintain momentum beyond $1.50, XRP could aim for the $1.95 level in the near future.
Currently, XRP is trading above the 200-day Exponential Moving Average (EMA), signaling an ongoing uptrend. However, the Relative Strength Index (RSI) indicates that XRP is in overbought territory, suggesting a possible price correction or decline in the coming days.
Current Price Momentum
At the time of writing, XRP is trading close to $1.14, marking a price increase of over 6.25% in the past 24 hours. Despite this upward movement, trading volume has decreased by 34%, indicating a drop in trader participation compared to previous days. Investors and analysts are closely monitoring these developments to assess XRP’s future trajectory.
