Legendary Trader Peter Brandt Calls XRP Chart 'Pure' Amid Bullish Technical Setup

Veteran commodity trader Peter Brandt, known for his decades of market experience and adherence to classical charting principles, has expressed a surprisingly bullish view on the XRP chart. After previously signaling a potential downside, Brandt has now drawn attention to a long-term pattern that suggests a significant price move is on the horizon for the Ripple-linked cryptocurrency.

A Pure Example of Classical Charting

Brandt shared a logarithmic one-week chart of XRP spanning over a decade, which illustrated two massive multi-year symmetrical triangle formations. The first triangle formed between 2014 and 2017, preceding the asset’s massive breakout during the previous bull market. The second triangle represents a prolonged period of consolidation from 2018 up to the present.

The renowned analyst highlighted the near-perfect alignment of the pattern with established technical analysis methodologies. He posed a rhetorical question to his social media followers: "As a student of classical charting principles and history, has there ever been a purer long-term chart? $XRP"

Signaling a Potential Massive Surge

According to classical technical analysis, a successful breakout above the upper boundary of a symmetrical triangle pattern, particularly a multi-year one, is a strong signal for a major continuation of the uptrend. Brandt's chart suggests that XRP has already broken out of this second lengthy consolidation phase, making the pattern extremely notable for its bullish implications.

This latest analysis provides a powerful counter-narrative to the short-term bearish warnings Brandt had issued previously. While Brandt has historically been an XRP skeptic, his recognition of this compelling long-term technical structure indicates that, from a chartist's perspective, the foundational setup for a substantial surge is in place. Traders are now keenly watching for a definitive price confirmation of this long-term breakout.