XRP has surged above the $1.50 level as the broader cryptocurrency market rallies, with Bitcoin reaching an 8-month high of $87,000. The asset is up over 8% in the past three days, driven by increased whale accumulation and network activity.
Veteran trader Peter Brandt shared a long-term XRP chart suggesting the coin could rally to $5.40, potentially moving above the psychological $5 level by next year. His analysis reflects broader optimism about a potential new bull market cycle.
On-Chain Activity Accelerates
XRP Ledger transactions have surged while open interest has climbed, signaling increased market interest in the asset. Whale activity has intensified, with major holders accumulating over $2 billion worth of XRP as network activity heats up.
Near-Term Targets
Crypto analyst Ali Martinez has identified $1.60 as the next significant level to watch for XRP in the short term. According to on-chain data cited by Martinez, approximately 2.50 billion XRP previously changed hands at the $1.60 level, which he views as a potential resistance point where profit-taking could occur.
The rally in XRP occurred despite the failed CLARITY Act cloture vote in the Senate, which prevented advancement of a crypto-focused legislative bill. Ripple CEO Brad Garlinghouse stated the company remains strong following the failed vote.
