Peter Brandt, who is famous for knowing every step of Bitcoin, made an important statement for the altcoin XRP today. Successful and experienced trader Brandt noticed the impressive price increase in XRP recently. He is also critical of SEC Chairman Gary Gensler. cryptocoin.com Let’s look at the details.
Altcoin XRP rally draws attention
Altcoin XRP’s recent price surge has garnered a lot of attention in the crypto community and beyond. Among those interested in the rise is successful trader Peter Brandt. Brandt is famous for knowing Bitcoin steps ahead of time. While highlighting the altcoin XRP rally, Brandt also made references to SEC Chairman Gary Gensler.
The unprecedented volatility defies analysis. Accordingly, XRP’s recent price surge has deviated from most technical analysis patterns, as observed by market watchers. Brandt drew attention to this unusual increase, pointing specifically to XRP’s daily chart.
Linking this unique candlestick pattern to XRP’s victory over the SEC, Brandt humorously called it the “Gensler pattern.” The reference nudges SEC Chairman Gary Gensler, who has come under criticism for his regulatory approach to the market. Of course, such an approach has a serious side. That is, the legal situation for the cryptocurrency space will become more and more clear.
On the other hand, altcoin XRP broke the resistance levels. Brandt shared a chart showing the explosive rise of XRP that broke through key resistance levels. The rally defying all logical predictions effortlessly surpassed the $0.48, 0.50, 0.54 and $0.58 resistance points.
XRP’s potential bull run
Brandt’s recent chart analysis does not clearly address XRP’s price action. However, the experienced financial analyst has previously expressed his opinion on the trajectory of the asset. He stated that XRP appears to be setting the stage for a significant rally following the previous head and shoulders formation formed between 2019 and 2021. Now it looks like this rally has taken place. Let’s point out that Brandt has mixed views on XRP, although he occasionally explains his views.
While acknowledging XRP’s rally potential, Brandt took a critical stance on the asset. In the past, Ripple co-founder Jed McCaleb referred to the altcoin XRP as “garbage” when commenting on XRP sales. Also, during the legal battle between Ripple and the SEC, Brandt considered XRP a security. However, he also explained that such an approach would not prevent him from having the asset when needed.
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