Litecoin Rallies 387% as Peter Brandt Sets $420 Price Target

Trump’s Win and SEC Shakeup Fuel Litecoin Rallies

In a recent social media post, veteran trader Peter Brandt raised market expectations by implying that the price of Litecoin would rise to $420. This is noteworthy because LTC cryptocurrency saw a remarkable 387.26% increase today, with its volume soaring, demonstrating robust market confidence. Investors were also drawn to Brandt, suggesting that the cryptocurrency would follow XRP’s strong climb in the days ahead.

The market’s newfound interest in digital assets, particularly in the wake of Donald Trump’s presidential victory, is a noteworthy factor in this rally. The market’s optimistic sentiment has also been strengthened by US SEC Chair Gary Gensler‘s departure news. Nevertheless, many in the cryptocurrency world believe that Bitcoin and the leading altcoins will continue to rise in the future.

Brandt Fuels Litecoin Hype: Can LTC Follow XRP’s $2 Surge?

However, traders’ curiosity has also been piqued by the prospect of Litecoin ETF approval in the US. Brandt provided an LTC price chart in a recent X post, suggesting that the cryptocurrency may soon reach $420. The expert further fuelled enthusiasm by asking, “Can LTC pull another XRP????” while presenting the chart. Recently, the price of XRP has just experienced a sharp increase, rising above $2. Nevertheless, Brandt’s comparison of LTC and XRP has sparked market debates.

LTC’s one-day trading volume soared 387.26% to $3.44 billion, while its price was up more than 15.44% today, trading at $117.23. The cryptocurrency has notably reached a 24-hour high of $129.18. Additionally, according to CoinGlass data, Litecoin Futures Open Interest increased 37% to $620.31 million, indicating that the cryptocurrency is attracting a lot of market interest. In the midst of this, Brandt’s tweet has raised expectations for more cryptocurrency price increases.

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