Veteran Trader Brandt Highlights XRP Price Surge, Mocks SEC Chair Gensler

Accomplished and well-known veteran trader Peter Brandt has acknowledged XRP recent price spike while concurrently throwing a jab at SEC Chair Gensler.

XRP’s latest price rally has captured the attention of market watchers within the crypto scene and beyond. One such individual is Peter Brandt, an accomplished veteran trader. Brandt recently highlighted the XRP surge while concurrently jabbing at SEC Chairperson Gary Gensler.

Notably, XRP’s recent spike took an unprecedented turn, defying most technical analysis patterns drawn out by market watchers. Brandt called attention to this unusual surge, highlighting the XRP daily chart.

Henceforth known as the Gensler pattern $xrpusd pic.twitter.com/uY9Vu1w6Ag

— Peter Brandt (@PeterLBrandt) July 13, 2023

Since the unusual candle came from XRP’s victory over the U.S. SEC, Brandt labeled the new unprecedented pattern “the Gensler pattern,” taking a subtle jab at the SEC Chairperson who has been constantly criticized for his regulatory stance on the market.

The chart shared by Brandt shows XRP taking off in an explosive surge as it broke above major preset resistance levels. The potent resistance points at $0.48, $0.50, $0.54, and $0.58 presented little opposition to the rally, defying all logical projections.

It bears mentioning that XRP summarily rallied by 98% to $0.9380 barely four hours after Judge Torres’ ruling came to the limelight. The last time the asset saw this price point was in December 2021 as it dropped from the $1 price threshold.

Brandt’s Stance on XRP

While Brandt did not explicitly indulge in any analysis of XRP’s price with his latest chart, the accomplished financial analyst previously voiced his opinion on the asset’s price trajectory in a brief analysis last month.

Notably, Blockchain Backer, an XRP proponent and crypto YouTuber, asserted on June 27 that XRP is gearing up for a massive bull run. To further assess this projection, some community members sought Brandt’s opinion. 

In response, the veteran trader confirmed that XRP is indeed setting the stage for a big rally. “Case can be made XRP is getting set for big run up,” Brandt disclosed while sharing a chart detailing a massive run that followed a previous head and shoulders pattern formed between 2019 and 2021.

Case can be made XRP is getting set for big run up pic.twitter.com/eHztApYNMb

— Peter Brandt (@PeterLBrandt) June 27, 2023

Despite admitting that XRP looked primed for a rally, Brandt remained a critic of the asset. Responding to a report on Ripple co-founder Jed McCaleb’s XRP sales, the technical analyst implied last July that XRP is garbage.

Amid the Ripple vs. SEC legal battle, Brandt asserted in September 2021 that XRP is a security. However, he confirmed that this belief of his would not stop him from owning the asset when necessary.