Brandt's Bullish XRP Prediction Hits Roadblock as Market Eyes Key Resistance
Rising support and resistance lines in a long-term XRP chart suggest an eventual advance to $5.40, according to Peter Brandt.
However, analysts caution that reaching this target would require a significant gain of around 260% from the current price of roughly $1.50.
The more immediate question is what needs to happen first for XRP to move higher.
XRP recently jumped nearly 9%, briefly trading above $1.54, after a sharp rebound from September lows, following a large accumulation of XRP by holders.
Analyst Ali Martinez notes that on-chain cost-basis data shows relatively little resistance until around $1.60, where roughly 2.5 billion XRP previously changed hands.
A sustained move through this zone would put the August highs back in focus and strengthen the argument that the September rebound is more than just a short-lived bounce.