Veteran Analyst Peter Brandt Calls XRP the Leader of the Pack Amid a Recent Recovery

XRP has been leading the pack amid a recent recovery in the crypto market, defying the overall trend and surging to a one-month high.

As crypto markets showed lackluster performance on Saturday, XRP surged by 10.04%, marking its largest single-day increase this year. While Bitcoin (BTC) slipped by 0.14% and Ethereum (ETH) rose slightly by 0.49%, XRP's strength caught the attention of veteran analyst Peter Brandt.

Despite being a vocal critic of XRP in the past, Brandt acknowledged the token's strength in a recent post, referring to it as the “leader of the pack.” He shared a chart highlighting XRP's breakout above major resistance levels.

XRP Records Breakout from Symmetrical Triangle

A symmetrical triangle formed on the XRP chart following a drop from a seven-year peak of $2.9 on Dec. 3, 2024. Notably, symmetrical triangles often indicate indecision in the market and precede sharp breakouts.

With the latest sharp rise, XRP broke out above the upper trendline of the triangle at $2.4, confirming bullish momentum. The breakout also saw XRP surge past its 8-day simple moving average (SMA), which currently stands at $2.38 and now acts as short-term support.

The Average True Range (ATR) of 0.1777 indicates increased volatility, suggesting stronger price movements ahead. Additionally, the Average Directional Index (ADX) is now at 15.48, indicating that the uptrend is gaining momentum but still has room to strengthen.

Where to Next for XRP?

The recent breakout sets XRP up for a potential rally toward the next major resistance zone around $2.9 to $3. If bullish momentum sustains, it could trigger a move higher, possibly validating the “half-mast flag” pattern previously identified by Brandt.

If this pattern completes, Brandt noted that it could pave the way for a major rally, potentially pushing XRP to a market cap of $502 billion. Considering its current supply, this market cap would push XRP price close to $8.74.

However, risks remain. The $2.5 level, which XRP is currently trading above, must hold as support to sustain the bullish outlook. A break below this level could invalidate the flag pattern and lead to a return toward $2.2 or lower.

Brandt Extends Olive Branch to XRP Community

In recent times, Brandt has been largely bullish on XRP. While he had earlier criticized XRP and its community, his tone has softened as of late.

In a recent post, the market veteran finally extended an olive branch to the XRP community, explaining his earlier skepticism and noting that XRP's historical tendency to lose value against Bitcoin made it a risky speculative asset for capital preservation. However, Brandt expressed admiration for XRP's current success.

An Olive Branch to $XRP holdersAccept it if you will, reject it if you must, but I offer it with good intentOver the years I have taken some hard shots at you and your $XRP asset. I admit my rudeness.You've now had your chance to return the "favor." I get it. Some of your… pic.twitter.com/KIXdbz4gpJ

— Peter Brandt (@PeterLBrandt) January 12, 2025

Meanwhile, despite a slight pullback on Sunday, XRP remains in a strong position above $2.5. The next few days will be crucial in determining whether it can continue its upward trajectory or face renewed selling pressure. Currently, XRP changes hands at $2.51, up by 0.45% this morning.