Peter Brandt, a popular crypto & stock market analyst, just published a jaw-dropping XRP price prediction. Measuring XRP’s price movement in monthly bars, the seasoned chart analyst said: “This is my long-term chart of XRP. It implies an eventual advance to $5.40”. That implies an estimated 265% upswing from the current XRP value.
Vet Trader Explains Rationale Behind $5.40 XRP
Mr. Brandt also went on to note that an XRP price chart analysis on X doesn’t stand as “proof” it will happen and asserted it’s not a trading recommendation. The long consolidation structure provided by Peter Brandt shows XRP’s descending resistance from the 2018 highs and the gradually rising demand-driven support level from the 2020 lows.
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The OG altcoin’s recent 8.22% rise has drawn notably attention from crypto whales. According to Ali Martinez’s estimates, big-time investors acquired $2 billion worth of XRP during the three-day period. Luckily, there may still be room to run: the UTXO Realized Price Distribution (URPD) metric indicates small resistance all the way up to $1.60.
One More Road To Cross Before $2 Restoration..
Clearing this, the next resistance bubble lies at $1.86, where crypto bulls would gather new strengths for an eventual $2 reclaim. Going further, the $2.19 to $2.29 support cluster becomes one of the strongest potential XRP price tests on the way to the all-time high retest of $3.65 or Peter Brandt’s aforementioned $5.40 XRP price target.
Presently trading at roughly $1.53, XRP’s magnificent figures on Spot crypto markets this Tuesday have boosted the 24-hour volume beyond $6.15 billion, a new monthly high. High demand on Spot markets lower the chances of a ‘bull trap’ or a ‘fake-out’, when the gains quickly evaporate. Derivatives have also been busy.
How Derivatives Dictate XRP’s Near-Term Direction
The 24-hour trading volumes have risen by more than 49% to reach $7.92 billion, CoinGlass data says. The renewed demand saw Options traders piquing their interest in XRP positions with exact expiration dates, pushing the Options volume up by 97.08%. The trades with expiry are done on stock exchanges.
Meanwhile, the overall Open Interest (OI) is approaching $3.80 billion, allowing the OI-weighted funding rate to collect a bigger bias towards long XRP price positions. Typically, the higher the OI funding rate, the more favorable the setup is for XRP’s bulls in the near-term, as short-sellers pay for fresh long positions.
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