After an outstanding 2024, which noticed XRP’s worth surge from round $0.50 to as excessive as $2.90, the cryptocurrency is now range-bound, buying and selling at $2.31 on the time of writing. Nevertheless, a key sample on the weekly chart means that XRP may very well be on the verge of one other important breakout.
Half-Mast Flag Sample Can Propel The Digital Asset To New Highs
XRP, the fourth-largest cryptocurrency with a complete market cap of over $134 billion on the time of writing, had a spectacular 2024. The digital asset’s worth elevated greater than 5 occasions in lower than two months, following its victory in a key lawsuit in opposition to the US Securities and Change Fee (SEC).
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In a latest publish shared on X, veteran dealer and analyst Peter Brandt shared his ideas on XRP’s potential future worth trajectory. Brandt highlighted the formation of a ‘half-mast flag’ sample on the weekly timeframe, including {that a} bullish completion of the sample might propel XRP to new highs. He famous:
Half mast flags ought to full inside six weeks, in any other case they need to be considered with nice suspicion. This flag in XRP must rock and roll quickly, in any other case it can seemingly morph into one thing else TBD. But when it completes, then market cap of $500 B is feasible.
For the uninitiated, a half-mast flag is a continuation sample in buying and selling the place the worth kinds a pointy upward motion adopted by a quick, shallow consolidation that resembles a flag, usually sloping in opposition to the prevailing pattern.
When the worth breaks out of the consolidation part, it usually alerts a continuation of the uptrend, probably resulting in greater costs. In accordance with Brandt, a bullish completion to the sample – a breakout to the upside – may push XRP’s complete market cap to $500 billion.
If different cryptocurrencies stay range-bound, a $500 billion market cap would make XRP the second-largest digital asset by market cap, surpassing Ethereum (ETH), which at the moment holds a market cap of $416 billion.
Nevertheless, it’s necessary to notice that within the case of a bearish completion of the half-mast flag sample, XRP’s worth may break right down to earlier lows, probably falling to a market cap of round $28 billion.
XRP Primed For Main Good points
In the meantime, crypto analyst Mikybull outlined a number of worth targets for XRP on the every day timeframe, utilizing Fibonacci extension bands. In accordance with the analyst, a breakout for XRP “is imminent,” with targets as excessive as $3.74.
Equally, Egrag Crypto just lately predicted that XRP might surge to $15 in line with the Elliott Wave principle. Additional, on-chain information signifies that XRP whales are shopping for each dip in anticipation of a significant rally within the coming weeks.
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That mentioned, considerations stay about XRP bulls’ incapability to decisively break by the $2.35 resistance degree. At press time, XRP trades at $2.31, down 4.5% prior to now 24 hours.
Featured picture from Pexels, charts from X and TradingView.com
