Key facts
- Veteran trader Peter Brandt predicts XRP could rally to $5.40.
- Brandt's long-term chart suggests XRP could surpass $5 by next year.
- Bitcoin reached an eight-month high of $87,000 amid renewed crypto market optimism.
- XRP has risen over 8% to trade above $1.50.
- Whales have accumulated over $2 billion worth of XRP.
- Crypto analyst Ali Martinez predicts XRP could reach $1.60 in the short term.
Veteran trader Peter Brandt has issued a bullish forecast for XRP, suggesting the cryptocurrency could surge to $5.40, driven by renewed optimism in the broader crypto market. Bitcoin has recently hit an eight-month high of $87,000, contributing to a general market recovery.
Brandt shared a long-term chart on X, indicating his belief that XRP could surpass the significant psychological level of $5 by next year. This projection aligns with a broader crypto market uptrend, which has seen XRP itself rise over 8% to trade above $1.50, according to TradingView data.
The upward movement in XRP's price is supported by an acceleration in on-chain activity. Data indicates that "whales" have accumulated over $2 billion worth of XRP, and network activity is increasing. XRP Ledger transactions have surged, and open interest has climbed, signaling heightened investor interest.
Despite the recent failure of the CLARITY Act cloture vote in the Senate, which was expected to benefit XRP due to its ties with Ripple, the digital asset has shown resilience. Ripple CEO Brad Garlinghouse commented that the company remains strong following the vote's outcome.
Crypto analyst Ali Martinez has also provided a short-term outlook, predicting XRP could reach $1.60. He cited on-chain data, specifically the URPD (XRP Units Distribution), which suggests minimal resistance until that level, where a significant volume of XRP previously changed hands. Martinez views $1.60 as a key level for potential profit-taking before seeking new trading opportunities.