Peter Brandt, an analyst who has tracked the commodity market for over 40 years, tweeted that the rebound of XRP may have just begun, and the token may reach a record high in the next few months.

Brandt explained from a technical point, the weekly chart shows a reversed "head and shoulders pattern" (H&S) with a dull RS trend, indicating that the token price will continue to rise.

According to Bitpush data, XRP has risen by more than 50% so far this week, and its current market capitalization is around $47 billion.

By Mary Liu