XRP Primed for Breakout, Says Peter Brandt

XRP is drawing renewed attention in the crypto world as veteran trader Peter Brandt suggests the digital asset may be on the verge of a significant breakout. His recent technical assessment points to bullish signs that indicate a potential upward move after an extended period of consolidation.

In a detailed analysis, Brandt identified that XRP has been trading sideways on its monthly chart. This flattening behavior, often viewed as the calm before the storm in trading circles, can precede substantial price swings when the market finds direction. Given the broader bullish sentiment in the crypto market, Brandt believes XRP could soon experience upward momentum.

Technical Patterns Point to Strength

Supporting Brandt’s outlook, XRP’s monthly chart has been forming a significant symmetrical triangle over the past several years — beginning in early 2018. During this period, each rally posted a lower high, while declines created higher lows, forming a tightening price range. This classic technical setup culminated in a breakout above the pattern’s upper boundary in November 2024.

This breakout was particularly noteworthy, as it was accompanied by a robust surge in trading volume. Such volume-supported moves often validate the strength and potential sustainability of a trend change. Since then, XRP has hovered between $2 and $3 in what analysts describe as a high-base pattern. This formation, typically seen after substantial upward moves, signals that bullish sentiment remains intact while the market consolidates gains.

Reinforcing this stance, XRP is currently holding steady above its 8-month simple moving average. This indicator, which is gently rising, further reflects ongoing upward momentum. Historical trends show that prices sustaining above such support levels often signal an underlying bullish bias.

Indicators Support Continued Uptrend

From a technical perspective, key indicators suggest XRP’s strength is far from fading. The Average Directional Index (ADX), a tool used to measure trend strength, currently reads above 51, strongly implying that the current direction remains dominant. Meanwhile, the Average True Range (ATR), which monitors market volatility, has edged lower. This reduction in volatility often precedes major price movements, as markets consolidate before breaking in a new direction.

Community Analysts Confirm Bullish Momentum

Brandt’s optimism is echoed across the XRP analyst community. Prominent chartist Dark Defender recently addressed concerns about a possible bearish head-and-shoulders pattern forming in XRP. Instead, he pointed out that XRP has already hit the Fibonacci extension level at $2.77 — a key milestone in technical analysis — and believes that XRP is currently in the fifth wave of Elliott Wave Theory, typically associated with strong upward trends.

Another analyst, CryptoInsightsUK, highlighted that XRP has broken above a crucial support zone between $2.00 and $2.30, approaching an important resistance near $2.60. He noted that breaching this level would pave the way for further gains toward $3.00, even raising the possibility of XRP testing new all-time highs in the near future.

https://twitter.com/Cryptoinsightuk/status/1943601502817222884

As of now, XRP has surpassed the $2.60 resistance, climbing 24% over the past week and up 26% since the beginning of July. It currently trades at $2.80, inching closer to the psychological milestone of $3. The broader cryptocurrency market’s strong performance is also bolstering XRP’s momentum, ensuring continued support from bulls.

Related: XRP Price: $12M Max Pain for Bears

Still, some experts urge caution. A recent commentary noted that nothing truly noteworthy may occur until XRP convincingly breaks above $3.84. Nonetheless, given current indicators and market sentiment, XRP appears well-positioned for further gains in the short to medium term.