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Legendary trader Peter Brandt has dropped a very puzzling comment about the price outlook of XRP, generating comments from community members. The seasoned trader’s post on X highlighted XRP’s price chart, which he tagged with just two words: "Without comment."
XRP price rally raises risk of profit-taking
Brandt’s comment coincides with a major rebound move around XRP on the market. Notably, XRP has outpaced Bitcoin and Ethereum after it rose by 9.35% in the crypto market.
Although many XRP analysts consider the development a positive one for the coin and a bullish recovery, Brandt appears to disagree. He argues that XRP is yet to get a major breakout, as per the accompanying chart he attached to the post.
In Brandt’s opinion, a breakout for XRP will occur when the price hits $3.50. If the coin is performing below this critical level, it remains at risk of slipping back into the troubled zone.
Understandably, XRP’s price outlook reveals that some investors bought the coin after it displayed potential for upside on the market. Most were bought at $22.50, and some at $3. Hence, Brandt might be implying that such newer investors could decide to dump the asset once it appreciates to a level that would help them reclaim their investments.
If that happens, the aggressive sell-off could impact XRP and reverse gains already made on the market. However, a breakout above $3.50 would signal optimism for a further increase, and buying pressure could increase.
Strong community reaction
One analyst took exception to the chart, directing Peter Brandt to study the XRP price trend so he can understand the context for growth better.
As of press time, XRP exchanged hands at $2.34, which represents a 9.95% increase in the last 24 hours. After trading above the $2 support for a while, the coin powered from a low of $2.11 to hit a daily peak of $2.41 as open interest surged by 21%.
XRP’s trading volume has soared by a staggering 133.4% to $7.79 billion within the same time frame. A clear indication that market participants are fully engaged and might be anticipating further climbs in the coming days.
XRP market metrics surge despite analysts' outlook
Interestingly, Peter Brandt is not alone in a possible collapse of XRP’s price.
Legendary technician John Bollinger has issued a warning to traders to temper their expectations despite the price surge. He observed that, compared to other crypto assets, XRP’s pattern of price uptick appears weak.
Regardless of the current analysis, XRP has completed a golden cross, and investors are hopeful that the current positive sentiment could push the price up to $3.
The development has produced a crucial breakout for the altcoin, and its ability to sustain the current trajectory might lead to a stable recovery in the long term.
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