XRP’s price is poised for a significant rally, potentially gaining 60% to reach $4.47, according to veteran chartist Peter Brandt.
Why it matters: Brandt’s bullish outlook coincides with XRP posting its strongest weekly performance since late November, with a 25% rise in the week ending July 13.
The details:
- Brandt identifies a “highly rare continuation compound fulcrum” setup on the XRP/USDT weekly price chart, suggesting this pattern could propel the pair upward.
- The “compound fulcrum” setup often forms as a complex base with multiple smaller patterns like failed breakdowns, minor ranges, or wedges, which lead to market confusion and shake out weaker hands while stronger players accumulate.
- If this balance breaks in favor of the prevailing trend, the price is likely to surge. However, a break below the support level near $1.80 could invalidate this setup.
This robust performance reflects broader crypto market strength and increasing confidence among large investors.
What the data shows:
- Data shows a record high in the number of wallets holding at least 1 million XRP, indicating that whale investors are backing the recent gains.
- Onchain data reveals that XRP has transitioned from the “optimism–anxiety” phase into the “belief-denial” phase, generally considered a precursor to further price increases.
- According to Glassnode’s Net Unrealized Profit-Loss metric, rising investor conviction and the absence of panic selling mark a healthier and more sustainable rally compared to past cycles in 2020 and 2021.
The improving onchain metric reinforces Brandt’s perspective, suggesting XRP is forming a solid base for its potential climb toward $4.47.
The other side: Despite its recent gains, some analysts urge caution, noting the ongoing regulatory uncertainties and competitive pressures within the cryptocurrency market.
What’s next: Traders are closely watching whether XRP can convert the $2.80–$2.85 range into a new support base. A clear move through the $2.90 zone, accompanied by trading volume exceeding 200 million XRP, could pave the way for a rise to $3.40.