Top XRP Critic Predicts Extreme Bullish Run Once it Clears 2021 Peak

Veteran analyst Peter Brandt swaps criticism for XRP to predict an extreme breakout if the altcoin breaches the 2021 peak of $1.96. 

The XRP has sustained momentum since Donald Trump emerged victorious in the US election to cross above the $1 threshold. The recent development elevates the XRP price above $1 for the initial time since 2021, triggering optimism of further upside.  

Besides investors, analysts anticipate the XRP will stage a major price breakout during the current bull cycle. Interestingly, Brandt offers a bullish outlook for XRP’s potential to break above $1.96. Despite being a vocal critic of XRP, his recent insight suggests XRP harbors a promising setup as the altseason cycle unfolds. 

Impending Breakout in XRP’s Coil Pattern 

Brandt ditches the predominant skeptical stance on XRP to identify the symmetrical triangle that suggests tightening price action. The analysis illustrates that the coil pattern emerges when price volatility declines over an extended period. The trader traces this structure to the onset of 2018 when XRP plunged from an all-time high of $3.31. 

The analyst explains that XRP experienced lower highs and higher lows from the peak levels. A triangle emerged, portraying a descending resistance from the 2018 high, while an ascending support line started in 2020. Such portrays consolidation characterized by diminishing volatility to suggest an impending breakout.

Brandt observes that the recent move to cross the $1 level affirms the breakout from the ceiling boundary of the multi-year triangle. The trader considers this a massive development since the XRP blasted beyond the 2023 high of $0.93 in his insights. 

As the XRP regained the $1 price level, its sustained momentum lifted its peak to $1.22 on November 16, per CoinMarketCap data. However, the XRP would retrace slightly, which is characterized by short-lived gains. Currently, the XRP price hovers around $1.10, and it is still maintaining the position above the critical psychological $1 level.

Per Brandt’s chart, the data shows the eight-week simple moving average (SMA) is at $0.6775, signaling strong uptrend momentum. Further, the XRP has witnessed higher trading volume, averaging over $6 billion in the recent breakout, to validate the upward potential further. 

Further scrutiny of Brandt’s chart illustrates lower values within the Average Directional Index (ADX) and Average True Range (ATR). Such shows the contraction in volatility, suggesting a potential explosive push in XRP price. 

Brandt Anticipate Major XRP Rally

Brandt illustrates the massive coil occurs when the price consolidates within the narrowing range, thus resembling a wedge pattern. As such, the analyst acknowledges the pattern typically precedes the huge breakout. With the XRP already higher than the 2023 high, this represents a technical milestone that hints at strong bullish momentum.

The upside movement by XRP to break the annual highs constitutes a catalyst to sustain the upward movement. The veteran trader observes that the XRP march past the 2021 high of $1.96 is achievable only through growing market interest. 

The veteran trader draws attention to the $1.96 price as the key resistance level that XRP last hit in April 2021 as the altcoin unleashed a massive run. The analyst opines that breaking this barrier could spur a bullish run. 

Using emoticons, the analyst represents the value appreciation in a “rocket-like” move if it passes the $1.96 barrier. Nevertheless, the trader fails to offer an actual price target. 

Despite discarding the predominant skeptical stance for the bullish outlook, Brandt rules out holding or investing in XRP. Instead, he affirmed his loyalty to Bitcoin and Solana. Additionally, he indicated that he would engage in the non-fungible tokens (NFTs) via the Chart Wizards initiative.

The XRP price is 67.80% up in the weekly chart and outperforms the global crypto market, which is up 4%. Still, XRP needs further rally since it is 67.91% below its peak of $3.40.