Peter Brandt "XRP, possible up to $5.4"...Why the bullish outlook?

▲ XRP/AI generated image

XRP is regaining upward momentum, raising the possibility of a large-scale rally towards a long-term target price of $5.4.

According to Benzinga, a US financial media outlet, on September 21 (local time), veteran chartist Peter Brandt, with 50 years of experience, shared a long-term monthly chart of XRP, suggesting a potential rise to $5.4. Brandt cited trend channels and moving averages as grounds, pointing to an additional upside potential of up to 257%. However, Brandt drew the line, stating, "A simple chart presentation is not a trading recommendation, and those who advocate for trading must provide evidence."

The accumulation behavior of whale investors also supports the bullish outlook. Crypto analyst Ali Martinez cited on-chain data, stating, "Large holders have accumulated approximately 1.54 billion XRP, worth about $2.2 billion, in the last 96 hours." Martinez analyzed, "There is little resistance up to the $1.6 level, and $1.6, where approximately 2.5 billion XRP changed hands in the past, will be a key watershed for profit-taking."

Ecosystem improvements and institutional regulatory frameworks also acted as positive factors. Ripple is preparing to launch major payment upgrades based on the XRP Ledger, and adoption by asset management firms and commercial projects is becoming visible. The Securities and Exchange Commission (SEC)'s initiation of its own rule-making after the failure to vote on the US crypto market structure bill also stimulated market buying sentiment.

Conflicting signals were detected from technical auxiliary indicators. The Moving Average Convergence Divergence (MACD) index showed a buy signal, while the Bull Bear Power index, which measures the strength of bullish and bearish forces, indicated a sell. Amid short-term volatility signals, aggressive absorption by whales and long-term technical breakthroughs are aligning, raising market expectations.

[Key Article Summary]

-Peter Brandt analyzed that XRP could rise up to $5.4, a maximum increase of 257%, based on its long-term trend channel.

-Whale investors bought 1.54 billion XRP, worth $2.2 billion, in just 96 hours, increasing upward pressure.

-Amid XRP Ledger upgrades and SEC regulatory adjustments, breaking the $1.6 mark is considered the first test.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*