Market analyst Peter Brandt has lauded XRP’s massive 10% surge, heaping praise on the digital asset. With the recent surge, XRP has outperformed other tokens in the short term, seeing a 10% surge over the last day. Its market capitalization has also gone up to around $146 billion.
The milestone has also seen the asset reclaim its place as the third-largest asset in the crypto market, displacing Tether’s USDT. XRP is not following the broader market bearish trend, with Bitcoin seeing a 4% decline in the past week.
Peter Brandt calls XRP the ‘leader of the pack’
According to Peter Brandt’s post on X, he described the digital asset as the “leader of the pack,” sending the XRP community and wider crypto industry into a frenzy. The analyst has always been known to be an XRP skeptic, calling the asset a scam in 2020.
He joins a growing list of high-profile analysts who now support the project after initially being against the token in the past.
Peter Brandt also cautioned the XRP community back in August 2024, warning them of a bearish pattern. He went ahead to note that the token would diminish in value against the leading digital asset Bitcoin.
Despite his praise for the token, he has told his followers that he does not own the asset and is not planning to invest in it in the future. “I have not been a fan of Ripple. I pointed out the obvious on the chart but I do not own nor plan to own a single XRP,” Peter Brandt said.
However, his follow-up post has caused quite a stir in the market, with community members questioning his assessments. While some think it is a genuine reassessment of what the asset stands for, others are still thinking he could go back on his decision not to invest in the asset in the future. The implications of his assessment also mirror the general market sentiment.
Crypto experts and analysts have been known to tilt market sentiments with their views. These views, in turn, affect several aspects of an asset, often reflected in trading volume.
In the meantime, traders all around the world are preparing for a shift in the United States’ regulatory framework toward digital assets.
Better days ahead for Ripple
While XRP continues to make exploits, Ripple has focused on technological advancements and developing business partnerships. The company has been embroiled in a legal tussle with the United States Securities and Exchange Commission (SEC) over the last few years, with the lawsuit still pending in court.
Meanwhile, market observers are of the opinion that the incoming Trump administration, which translates into a new SEC Chair, could drop the case. With XRP already gaining popularity, other traders and investors may also be convinced about the project once its legal troubles end.
Most top tokens have endured negative trading days, unlike XRP. Bitcoin has seen its fair share of the bears, Ethereum has only managed to add 1% to its value, while BNB registered a 0.3% drop.
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