XRP Technical Setup Suggests Single-Digit Gains Despite Bullish Sentiment

Veteran chartist Peter Brandt recently made some remarks about XRP's technical setup that cut against the grain of how XRP bulls usually argue their case. According to him, a decade-long XRP/USD chart shows long-term narrowing structures, which could justify 'a bet' regardless of any Ripple partnership news or regulatory catalyst.

This isn't unconditional support for the asset, as Brandt emphasized that his view is based on the technical setup alone. He highlighted the token's consolidation in a tight band around $1.51, with short-term support at $1.48, $1.50 and resistance clusters at $1.54, $1.56.

The key to holding this structure intact lies at $1.50, which if broken would send XRP back toward the low-$1.40s. However, a sustained close above $1.56 could strengthen the breakout argument and open a path toward Brandt's long-range $5.40 target.

It's worth noting that even if XRP clears $1.60 and grinds toward $2.00, the percentage upside on a token with XRP's existing market capitalization is measured in single digits, not multiples.