XRP Price Prediction: Peter Brandt Sees $4.4 Potential with Rare Pattern!
XRP Price Surge: Will It Break the $4 Barrier?
Key Insights
- Record High for XRP Whales: The number of XRP wallets holding over 1 million tokens has reached an all-time high, indicating strong confidence among major investors. With Swissblock predicting a potential breakout, the question remains: can XRP surpass the $4 mark?
Ripple’s Recent Performance
Ripple’s XRP has demonstrated impressive resilience, particularly following Bitcoin’s recent all-time high of $118,000. This week alone, XRP has surged by 22%, climbing from $2.24 to $2.97, and is now on the verge of hitting the $3.00 milestone. Analysts suggest that XRP might spearhead a new altcoin season reminiscent of last November, with a projected upside of 55%.
Is a $4 Surge Possible?
On July 11, XRP experienced a notable spike nearing $3, attributed to speculative trading, as highlighted by CryptoQuant analyst JA Maartunn, who noted a 26% increase in Open Interest (OI). However, this week’s rally could be part of a larger upward trend. Renowned trader Peter Brandt has indicated that XRP could target $4.4, suggesting a potential 55% increase based on a bullish chart pattern. He remarked on the formation of a unique continuation pattern following an earlier false breakout.
Swissblock’s Bullish Outlook
Swissblock, a trading and on-chain analytics firm, shares a similarly optimistic perspective. Co-founder Yann Allemann pointed out that their models have identified XRP as a likely frontrunner in the forthcoming altcoin season. He noted that their long impulse signal was activated when Ripple began its breakout, suggesting that we are witnessing the initial stages of this trend.
Market Dynamics Favoring XRP
The Impulse indicator, which tracks trading opportunities, previously signaled a long position when XRP experienced over 400% gains. With Bitcoin’s dominance declining by about 2% over the past two weeks, the setup for an altcoin season appears crucial. Additionally, data from Santiment reveals that the number of XRP wallets holding 1 million or more tokens has reached a record 2,743, indicating a significant accumulation by large players.
Conclusion: What Lies Ahead for XRP?
These large holders collectively control over 47 billion XRP, increasing their dominance in the market. Santiment noted that not only is the number of XRP whales rising, but the total amount they hold is also growing, which is a positive indicator for the fourth-largest cryptocurrency. Overall, the data suggests that XRP could continue to rise, especially if the broader altcoin market experiences a surge. However, a drop below $2.2 could hinder this optimistic outlook.
