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XRP Price Poised for 100x Rally: Peter Brandt Highlights Bullish Wedge Pattern
Renowned trader and chartist Peter Brandt has just shared two crucial charts that may hint at XRP’s potential next moves. The charts show a bullish wedge pattern on the weekly scale, which could lead to a significant price surge.
In his latest Twitter post, Brandt pointed out that the $XRPUSD pair is currently displaying a wedge formation on the weekly chart, with the upper trend line being tested. As per technical analysis, this development suggests an imminent breakout or reversal in the asset’s current downtrend.
However, if the lower trend line continues to hold support and the resistance at the upper trend line fails to be breached, it is highly probable that XRP will embark on a steep upswing. This would not only push prices beyond their all-time highs but also culminate in a monumental 100x rally.
While some may argue that such an event is highly unlikely or even improbable, historical data and market trends suggest otherwise. It’s crucial to note that XRP has already demonstrated an impressive recovery from its lows in December, with a peak of $2.72 on December 3rd.
This sudden surge was fueled by the launch of Ripple’s RLUSD stablecoin, but unfortunately, it failed to spark a new record in December. Despite this setback, the fully diluted valuation (FDV) has climbed to an astonishing $216.24 billion, reaffirming faith in XRP’s long-term potential.
Meanwhile, Credible analysts believe that the cryptocurrency is on the cusp of launching into an explosive upward impulse. According to their predictions, it may reach new all-time highs above $5 and potentially even surpass $20 to $30 during a larger third-wave move.
This forecast assumes that XRP will first experience a five-wave rally followed by a three-wave correction before embarking on another impressive upswing. Needless to say, the cryptocurrency’s performance will continue to be closely monitored as these predictions unfold in real-time.
While there is no guarantee that such an event will transpire, it’s undeniable that the crypto market has consistently defied expectations throughout its tumultuous history. As a result, even the most skeptical investors would be wise to hold onto their XRP holdings with caution and vigilance.
In conclusion, Peter Brandt’s bullish wedge pattern highlights XRP’s potential for an unprecedented 100x rally in the near future.
Source: coinpedia.org
