Veteran trader Peter Brandt is making some hype in the crypto community with his latest analysis of XRP, suggesting that the altcoin might be gearing up for a huge price rally.
Brandt pointed out a bullish massive coil pattern in XRP’s price chart, meaning that a breakout could be on the horizon.
Massive coil is like the Holy Grail?
In a post on X, Brandt explained that this coil pattern occurs when prices consolidate within a narrowing range, often looking like a wedge or triangle.
Historically, these patterns often precede sharp breakouts, and he noted that XRP has already surpassed its 2023 high, which is a big deal and shows strong bullish momentum.
When cryptocurrencies break their annual highs, it usually signals increased market interest and confidence, thus, price rally.
Brandt also highlighted the 2021 high of $1.96 as an important resistance level. He suggested that if XRP can clear this hurdle, we could see an explosive rally.
Trading is based on data, and data changes
Interestingly, despite his positive outlook on XRP now, Brandt has been quite critical of the cryptocurrency in the past, which hasn’t won him many fans among its supporters. In his new post, he made it clear he’s still not a big fan.
“I am NOT long XRP and have no plans to buy XRP.”
Instead, he’s holding onto Bitcoin and Solana, and also mentioned that his analysis is strictly technical, not influenced by any personal investment.
Adding to the hype around XRP is President-elect Donald Trump’s promise to make the U.S. the crypto capital of the world.
Trump has proposed creating a strategic Bitcoin reserve and hinted at removing SEC Chair Gary Gensler on his first day in office, though some speculate Gensler might step down voluntarily before Trump takes over.
The legal sh*tshow continues
Brandt weighed in on XRP’s ongoing legal issues, suggesting that if Gensler does resign during Trump’s presidency, it’s probably not likely that XRP will still be considered a security.
XRP’s legal troubles stem from Ripple’s 2020 lawsuit with the SEC over accusations of unregistered securities offerings.
A ruling in 2023 stated that while XRP isn’t classified as a security for retail sales, it was deemed a security for institutional sales, leading to penalties.
The SEC’s ongoing appeal means the case remains unresolved, but speculation about leadership changes at the SEC already positively impacted XRP’s market performance and fueled hopes for a more favorable regulatory environment.
