XRP market cap of $500B ‘possible’ within 6 weeks, says veteran trader
XRP should attain a 260% gain or a $6.40 price target after a breakout, but a delay may affect the chart pattern’s outcome, says Peter Brandt.
XRP price is attempting to close a daily candle above its descending resistance trendline, which previously capped the altcoin’s price action.
Successive breaks above the trendline and resistance range between $2.48 and $2.60 will be a strong signal from the bulls, potentially leading to a breakout above $2.72.
XRP half-mast flag hints at 260% gains ahead
Likewise, one market analyst believes that XRP is primed for a major breakout over the next few weeks, but timing will be key.
In a recent X post, Peter Brandt, a veteran trader, explained that XRP’s half-mast flag on the weekly chart should undergo completion in the next six weeks.
A half-mast flag is a neutral pattern that can lead to a bullish or bearish outcome. The half-mast period is considered a consolidation in the middle of a trend before continuation.
As illustrated in the chart, Brandt says that XRP’s market cap reaching $500 billion is possible if the pattern undergoes a bullish completion. That is a 262% gain or a price target of $6.40. Although, the trader warns,
“This flag in $XRP needs to rock and roll soon, otherwise it will likely morph into something else TBD.”
Similarly, Mikybull, a crypto trader, also mentioned that an XRP breakout is “imminent,” as the altcoin formed a bull flag pattern on the 1-day chart. Based on Fibonacci extension lines, the trader outlined an immediate target of $3.74.
However, the long-term target could be as high as $15 if the flagpole’s height is considered, which is a 514% rise from XRP’s current value.
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XRP price can “move fast above $2.45”
XRP must clear the current resistance range between $2.48 and $2.60 to reach the bullish price targets like $3.74 and $6.40 over the next few weeks.
This range has capped the price action at $2.60 three times, with a liquidity sweep just above the upper resistance on Dec. 17.
So, even though the XRP price is well-positioned for a rally, Brandt’s warning should be heeded, as a breakdown is also possible if this resistance remains in place.
Dom, an order flows market analyst, says that XRP has been stuck in the mid-range for six weeks with a point of control (POC) of around $2.45 based on the Volume Weighted Average Price (VWAP) metric. He noted:
The profile is starting to look very balanced indicating a break is soonAny dip into the orange VWAP bands, I will be bidding for longsFull acceptance over $2.45 and things likely start moving fast.
But first, XRP bulls must secure a daily close above $2.45 to break the $2.60 target. This will directly bring the mentioned price targets of $3.74 and $6.40 into play over the coming weeks.
