XRP Market Cap Breaks Key Resistance, Fueling Rally

• XRP’s market cap surpasses $146 billion, signaling a breakout from a prolonged triangular consolidation pattern.  
• The token’s value rose 36% over the week, outperforming the broader cryptocurrency market.  
• XRP approaches a new all-time high, boosted by SEC Chair Gary Gensler’s resignation and ETF-related optimism.  

XRP, the cryptocurrency associated with Ripple, has achieved a significant milestone, breaking out of a long-standing triangular consolidation pattern. This move saw its market capitalization climb above the critical resistance level of $146 billion, a development highlighted by renowned commodity trader Peter Brandt. 

Market Reaction Propels XRP Higher 

Over the past 24 hours, XRP’s price soared by more than 6%, far outpacing broader market trends. Furthermore, the token has climbed an impressive 36% in the past week. With the cryptocurrency hitting a multi-year high of $2.82 earlier this month, it now stands just 25% away from setting a new all-time high.  

Interestingly, Brandt’s acknowledgment of XRP’s breakout comes as a surprise to many. Just months ago, the chartist predicted a bleak future for the token, suggesting that the XRP/BTC pair might plummet to zero. Despite his recent bullish remarks, Brandt has clarified that he does not hold any XRP, maintaining his investments in Bitcoin and Solana.  

Factors Driving the Rally

Significantly, the rally has been fueled by several external factors. The resignation of SEC Chair Gary Gensler has sparked optimism within the crypto community, while discussions around a potential XRP-focused ETF have amplified investor interest. Additionally, renewed whale activity, including the accumulation of 120 million XRP, has bolstered the token’s momentum.  

XRP’s rise also reflects the resilience of its community, which has faced challenges from regulatory scrutiny in recent years. While Brandt’s evolving stance has drawn mixed reactions, the token’s performance signals a renewed confidence in its market potential.  

Moreover, XRP’s ability to sustain its upward trajectory indicates strong market sentiment. The cryptocurrency appears poised to capitalize on favorable market conditions as it edges closer to its record high.