XRP, the digital asset associated with Ripple, is drawing renewed attention from traders and investors alike after veteran chartist Peter Brandt identified a highly rare bullish formation on its price chart. The altcoin has posted its strongest weekly performance in months and continues to see growing confidence among large holders, also known as whales.

Rare Chart Pattern Hints at Major Upside

According to Peter Brandt, XRP is forming what he calls a “highly rare continuation compound fulcrum” pattern on the weekly XRP/USDT chart. This complex technical setup, though uncommon, often signals a strong continuation of the prevailing trend.

A compound fulcrum consists of several smaller chart structures like failed breakdowns, tight ranges, and wedge pattern, that form over a long period. These patterns shake out weaker hands and allow stronger players to accumulate. When the balance eventually tips, it tends to result in a strong move in the direction of the broader trend.

Brandt believes that if this setup completes successfully, XRP could climb by roughly 60% from current levels, potentially reaching $4.47. However, he also notes that a decisive break below $1.80 could invalidate the bullish pattern.

Whale Activity Reaches Record Levels

The technical setup is not the only factor supporting XRP’s bullish outlook. Onchain data shows a sharp rise in large wallet holders. The number of wallets holding at least 1 million XRP has hit an all-time high, which is often viewed as a sign of increased institutional or high-net-worth investor interest.

This spike in whale activity aligns with XRP’s recent 25% weekly price gain, the strongest since November last year. Such accumulation from large investors typically reflects long-term confidence and can act as a cushion against short-term volatility.

Market Sentiment Supports Rally Continuation

XRP’s rally is further backed by improving sentiment across the altcoin market. Analysts at Santiment observed that if Bitcoin remains above the key $110,000 mark, investors may continue redistributing profits into altcoins like XRP. This rotation of capital is a common pattern during what is known as “altcoin season,” where non-Bitcoin cryptocurrencies outperform.

In addition, XRP’s Net Unrealized Profit-Loss (NUPL) indicator, provided by Glassnode, shows that the asset has moved from a zone of “optimism–anxiety” into the “belief–denial” phase. Historically, this phase suggests there is room for further upside without excessive euphoria, a scenario that often precedes price corrections.

Healthy Price Structure Without Panic Selling

One of the most bullish signals comes from the current behaviour of XRP holders. Despite the recent price rally, there are no signs of panic selling. The onchain metrics indicate that holders are demonstrating strong conviction, which adds to the narrative of a healthier and more sustainable uptrend.

Unlike the overheated conditions seen in previous cycles, where rapid gains led to sharp corrections, the current sentiment appears more measured. This supports Peter Brandt’s argument that XRP is forming a stronger and more reliable base.

XRP appears to be at a pivotal point, with both technical patterns and onchain metrics suggesting that the asset could be gearing up for a significant breakout. The rare chart setup identified by Peter Brandt, combined with record whale accumulation and a stabilising market sentiment, points toward a potential rally to $4.47 in the coming weeks.

However, traders should remain cautious. While the outlook is bullish, invalidation of the chart pattern below $1.80 could shift the momentum. For now, though, XRP is showing signs of strength that haven’t been seen in months.