"Most Powerful" XRP Chart Shared by Legendary Trader Brandt

Commodity trader Peter Brandt has shared "the most important" chart in the cryptocurrency world, which shows the market cap of XRP break out above a major triangular consolidation pattern.

Brandt appears to imply that the Ripple-affiliated token might continue its stunning rally now that its market cap is surging above the resistance level at $146 billion. It is currently the third most valuable token by market cap. 

Over the past 24 hours, the price of the XRP token soared by more than 6%, vastly outperforming the broader market. The cryptocurrency is up by 36% over the past week.

At the same time, Brandt has been ridiculed by some members of the cryptocurrency community after suddenly changing his tune on XRP after dismissing the token for years.

Just several months ago, the commodity trader claimed that the XRP/BTC pair was going to zero.

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In August, he claimed that XRP community members would start "slowly disappearing to never be seen again" if a multi-year bearish pattern were to play out.

Brand seemingly turned bullish on XRP last month after the cryptocurrency already experienced a substantial rally, trading at $1.1. However, the chartist clarified that he had no intentions to actually buy XRP, claiming that he holds only Bitcoin and Solana.

XRP went on to surge to a multi-year high of $2.82 earlier this month. Now, the controversial Ripple-affiliated token is just 25% away from logging a new all-time high after seven years.

The token has surged higher due to the recently announced resignation of SEC Chair Gary Gensler and the growing ETF buzz.