XRP Price Prediction According to Peter Brandt, Optimistic for Bullish!
2024-11-22
Bittime - Veteran trader Peter Brandt brings up the latest analysis on predictions XRP price via upload on platform X.
Brandt highlighted the "massive coil" pattern which is a strong signal of a potential surge in XRP prices in the near future. What is a massive coil pattern? Read this article to find out!
XRP Price Prediction: Massive Coil Pattern
The massive coil pattern is a pattern in technical analysis when prices consolidate in an increasingly narrowing range, similar to a triangle or wedge shape.
This pattern is often a sign of things to come breakout significantly, both up and down.
According to Brandt, the price of XRP has surpassed its 2023 high, which is an important milestone in technical analysis and indicates strong bullish momentum.
XRP Price Prediction: Price Surge Potential
In addition to achieving the highest level in 2023, Brandt also identified the highest level in 2021 as the level resistance critical issue that XRP needs to solve.
If this level is successfully passed, Brandt predicts that the price of XRP has the potential to experience a massive price spike.
However, despite giving bullish predictions on the price of XRP, Brandt explicitly stated that he has no plans to buy XRP.
Brandt revealed that his current portfolio includes Bitcoin (BTC) And Sto (LEFT), and this XRP price prediction is based purely on technical analysis without considering the fundamental aspects of Ripple.
XRP Price Prediction: Regulatory Obstacles
One of the factors that influence XRP price movements are a regulatory obstacle that still surrounds Ripple. Ripple faces lawsuits from SEC AS since 2020 on charges of offering unregistered securities.
Even though in 2023 a court ruled that XRP is not a security for retail sales, institutional sales are still classified as securities. Ripple was also subject to a fine and the legal status of XRP is currently still unclear.
However, speculation that the current SEC chairman, Gary Gensler, may step down under Donald Trump, provides an opportunity for XRP to no longer be considered a security.
XRP Price Prediction: Market Sentiment
Peter Brandt's XRP price prediction has sparked debate. Some are optimistic that the analysis is driving market interest, while others still doubt XRP's long-term prospects.
Apart from that, changes in regulatory policy in the US also play an important role in determining XRP price movements.
Ripple's partial legal victory in 2023 has provided a significant boost to XRP's value, while speculation about leadership changes at the SEC continues influence market sentiment towards XRP.
Read Also: Comparison of Bitcoin (BTC) vs Ethereum (ETH) that you must know
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Reference:
Bitcoin.comNews, Media Crypto Bitcoin.comNews, accessed November 20, 2024.
Author: IPR
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