XRP has rebounded significantly above the $2 psychologically important threshold in recent weeks, with tailwinds from strong daily spot exchange-traded fund inflows following the debut of Grayscale’s GXRP and Franklin Templeton’s XRPZ funds.
And now veteran trader Peter Brandt expects the Ripple-linked cryptocurrency to “do well” in the coming months.
Though Brandt did not explicitly mention XRP, some eagle-eyed observers on X quickly identified the coin’s specific chart.
As of press time, XRP was changing hands at $2.20, up 1.2% over the last 24 hours amid a broader crypto market rebound, CoinGecko data shows.
According to Brandt’s chart, the dominant pattern is a massive symmetrical triangle that has formed over several years. XRP’s price movement undoubtedly indicates a bullish breakout from this triangle formation.
The asset is currently consolidating in a tight range near all-time highs following the initial explosive breakout. This specific formation resembles a bull flag — a typically bullish continuation pattern. Thus, XRP’s break above the flag’s upper trendline would mean the altcoin is poised to resume its uptrend.
XRP ETF Strong Start Sparks Market Optimism
Grayscale’s GXRP drew in $67.4 million on debut day, with Franklin Templeton’s XRPZ attracting $63 million. Total XRP ETF assets surpassed $628 million, absorbing approximately 80 million tokens in 24 hours, making for a stronger initial response than Solana’s ETF launch earlier this year. Notably, this stellar performance for the XRP funds comes against a backdrop of Bitcoin outflows.
Four U.S. spot XRP funds are now live on Wall Street, with Canary Capital’s XRPC leading cumulative net inflows at $331 million, followed by Bitwise’s XRP ETF at $168 million.
Such rapid absorption is crucial because ETF demand directly puts pressure on circulating supply. Still, sustained inflows must continue to boost XRP’s price in the long term.
Source: https://zycrypto.com/veteran-analyst-tips-ripples-xrp-as-among-cryptos-to-do-quite-well-in-coming-months/
