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Legendary commodity trader Peter Brandt has predicted that XRP could do "quite well" in the months to come.
Even though Brandt did not explicitly mention the Ripple-affiliated token, some sleuths were quick to figure out what specific chart he was referring to.
XRP is currently trading at $2.20, according to the most recent data provided by CoinGecko.
No ETF-fueled rally
So far, the Ripple-linked token has been struggling to revive its momentum even during the ongoing ETF hype.
As reported by U.Today, Canary Capital, as well as some other issuers, recently had successful XRP launches.
However, the token’s price action has been rather underwhelming due to the performance of the broader cryptocurrency market.
Will the bulls be back in the driver’s seat?
Now, it seems like the bulls might find themselves back in the driver’s seat, with Bitcoin reclaiming $91,000 and lifting other tokens, including XRP.
Brandt’s pattern shows that the dominant pattern on the chart is a large symmetrical triangle formed over several years.
The price action clearly shows a bullish breakout from this triangle pattern.
After the initial impulsive breakout, the price is currently consolidating in a tight range near the highs.
This specific formation looks like a bull flag, which is considered to be a bullish continuation pattern.
The XRP price is so far down nearly 40% from its all-time high, which was logged on July 18.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team