After an exceptional 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. Nonetheless, a key sample on the weekly chart means that XRP could possibly 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 towards the US Securities and Trade Fee (SEC).
Associated Studying
In a current put up 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 could propel XRP to new highs. He famous:
Half mast flags ought to full inside six weeks, in any other case they need to be seen 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 towards the prevailing pattern.
When the worth breaks out of the consolidation section, it usually alerts a continuation of the uptrend, probably resulting in increased costs. In response to Brandt, a bullish completion to the sample – a breakout to the upside – may push XRP’s whole 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 presently holds a market cap of $416 billion.
Nonetheless, 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 Positive aspects
In the meantime, crypto analyst Mikybull outlined a number of worth targets for XRP on the day by day timeframe, utilizing Fibonacci extension bands. In response to the analyst, a breakout for XRP “is imminent,” with targets as excessive as $3.74.
Equally, Egrag Crypto lately predicted that XRP could surge to $15 in keeping with the Elliott Wave principle. Additional, on-chain knowledge signifies that XRP whales are shopping for each dip in anticipation of a significant rally within the coming weeks.
Associated Studying
That stated, issues stay about XRP bulls’ incapacity to decisively break by means of the $2.35 resistance stage. 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