On Monday, seasoned trader Peter Brandt forecast a potential fourfold jump in XRP’s (CRYPTO: XRP) price as the fifth-largest cryptocurrency regained momentum.
XRP’s Long-Term Forecast
Brandt shared a long-term monthly chart of XRP on X, which projected an “eventual advance” to $5.40, citing trend channels and moving averages. This represents a potential upside of 257%.
Brandt, a technical analyst with nearly 50 years of experience, stressed that presenting a chart is not a trade recommendation or “call.”
Buy What Happens in the Short Term?
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Meanwhile, Ali Martinez, another renowned chartist and cryptocurrency trader, highlighted that XRP whales had been heavily accumulating tokens lately
Martinez added that there may “still be room to run,” citing data from the Unspent Transaction Output Realized Price Distribution chart.
The indicator maps out the exact price levels where existing coin supplies last moved or were acquired on-chain.
“The URPD shows relatively little resistance ahead until $1.60, where roughly 2.50 billion XRP previously changed hands,” Martinez stated. “That’s the next major level I’m watching for potential profit-taking.”
Will XRP Bulls Remain in Charge?
XRP has climbed 6.82% over the past week, supported by broad optimism in the cryptocurrency market and developments within its own ecosystem.
Ripple said asset managers and commercial projects are preparing to use a major XRP Ledger payments upgrade nearing activation. Its structure allows linked transactions to settle or fail together, supporting use cases such as delivery-versus-payment.
Moreover, the SEC’s push to build a regulatory framework for cryptocurrency after the CLARITY Act’s failure has reignited bullish sentiment, also driving XRP higher.
The Moving Average Convergence Divergence indicator, which compares the 12-period and the 26-period exponential moving averages, flashed a “Buy” signal for XRP, according to TradingView.
Conversely, the Bull Bear Power indicator, which measures the strength of buyers and sellers, signaled a “Sell.”
Price Action: At the time of writing, XRP traded at $1.51, up 6.40% in the last 24 hours, according to data from Benzinga Pro.
Photo: Stanslavs on Shutterstock.com
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