news.bitcoin.com
Peter Brandt says XRP’s market cap could hit $500 billion if its bullish flag pattern holds, but warns the setup may fail if momentum stalls soon.
XRP’s Next Move Could Drive It to $500 Billion, Peter Brandt’s Chart Hints
Peter Brandt, a veteran trader with over four decades of experience in commodities and financial markets, shared insights on social media platform X regarding the price movement of XRP on Jan. 6. Brandt highlighted that XRP is currently forming a “half-mast flag” pattern, a technical chart formation that often signals a continuation of an existing trend. The pattern typically appears after a strong price surge, followed by a brief period of consolidation, resembling a flag on a pole.
Brandt suggested that if the formation completes, XRP’s market capitalization could experience a significant increase. “This flag in XRP needs to rock and roll soon, otherwise it will likely morph into something else TBD,” he wrote, elaborating:
But if it completes, then market cap of $500 B is possible.
The veteran trader added a caution to the projection regarding the timeframe for the flag’s resolution. “Half mast flags should complete within six weeks, otherwise they should be viewed with great suspicion,” he remarked. Brandt warned that if XRP’s price action fails to break out within this period, the formation may lose its reliability or transform into a different pattern.
The accompanying chart he posted highlights key resistance and support levels, with XRP’s market cap currently hovering around $138 billion. The technical setup shows a sharp upward movement followed by consolidation, characteristic of the flag pattern. Indicators such as ATR (Average True Range) and ADX (Average Directional Index) reflect the volatility and strength of the trend. Brandt’s analysis reinforces the importance of closely monitoring price action in the coming weeks, as the window for this potential breakout narrows.