While it may be tempting to use a list of some type, technically breadcrumbs aren't truly a list, but a hierarchy (of which there may be multiple hierarchies, that is multiple ways to reach a page).
Thus the simple approach of a series of links, grouped within a
p is appropriate. If there are multiple breadcrumb trails to show, then each would be wrapped within its own
p. As it is page navigation, the entire set of links should be wrapped in a
It is expected that a visual delimiter is placed between each link via CSS.