Peter Brandt, a seasoned commodities market veteran, recently escalated his long-term price target for XRP. Highlighting a technical pattern visible on monthly charts, Brandt suggests that XRP could potentially make a significant climb to $5.40 over time. With current trading around $1.50, XRP has a possible upward margin of approximately 260% to bridge this target.
What Does the Long-term Technical View Indicate?
Brandt disclosed his perspective through platform X, where he indicated that XRP’s longer-term charts are steering towards the $5.40 mark. He cautioned, however, that his assessment should not be interpreted as a direct trade recommendation.
“This is my long-term chart for $XRP. It suggests a possibility of an advance toward $5.40 over a period of time,” Brandt remarked.
The analysis distinguishes itself by employing monthly XRP/USDT candles over daily or hourly ones, emphasizing a wider timeframe rather than short-term price fluctuations.
Resistance and Support Lines Draw Closer?
The chart has long observed a descending resistance from the 2018 peak converging towards an ascending support line beginning around 2020 lows. During XRP’s recent rally, this configuration saw a noteworthy breakout.
Having exceeded $3 previously, XRP encountered a prolonged correction. As per Brandt’s chart depiction, XRP is lingering around $1.49, constrained below the 18-month moving average of approximately $1.88.
Brandt’s chart reveals that the $5.40 expectation is not reliant on an imminent breakout from current levels.
- XRP should first reverse the substantial correction post its previous upside surge.
- It needs to reclaim multiple critical technical milestones thereafter.
- The anticipated move hinges on overcoming these outlined challenges.
Has Volatility Expectation in Options Markets Increased?
Data from Coinbase Markets shows an anticipated volatility of about 8.9% for XRP options expiring by September 27, based on a single standard deviation model. This figure was the highest among major cryptocurrencies participating in Coinbase’s comparison.
Across the same timeframe, the market positioning appeared noticeably tilted towards bullish expectations. Observers noted that as the price surpassed the $1.50 mark, cumulative volume delta shifted positively, hinting at growing investor confidence.
