XRP is on the cusp of a possible substantial upswing after a stellar 2024 where its price skyrocketed from $0.50 to $2.90. Currently trading at $2.31, a significant chart pattern could indicate a major bullish breakout in the near term.
XRP, now the fourth-largest cryptocurrency with a market cap exceeding $134 billion, showed remarkable growth last year. Its price climbed fivefold in under two months, largely driven by its legal victory over the US Securities and Exchange Commission (SEC).
Veteran trader and analyst Peter Brandt has expressed optimism regarding XRP's price trajectory. He identified a 'half-mast flag' pattern on the weekly chart. This pattern, upon bullish completion, might propel XRP to unprecedented heights. Brandt remarked, "Half-mast flags should complete in six weeks; otherwise, skepticism is warranted. If this completes, the market cap could soar to $500 billion."
For those unfamiliar, the half-mast flag is a continuation pattern indicative of a brief consolidation after a sharp uptrend. A breakout signals potential further upward movement. Brandt suggests a successful breakout could elevate XRP's market cap to an impressive $500 billion. Such a scenario might see XRP emerging as the second-largest digital asset, potentially eclipsing Ethereum's $416 billion market cap.
However, caution is advised. A bearish pattern completion could send XRP tumbling to previous lows, with a resulting market cap potentially dropping to $28 billion.
Crypto analyst Mikybull presents optimistic projections, highlighting several price targets backed by Fibonacci extension bands. He claims that a breakout seems "imminent," with projections reaching up to $3.74. Additionally, Egrag Crypto leverages the Elliott Wave theory, foreseeing a surge to $15. On-chain data hints that XRP whales are bolstering their positions, anticipating an imminent rally.
Yet, challenges persist. A notable concern is XRP bulls' failure to conquer the $2.35 resistance. Currently, XRP is valued at $2.31, reflecting a 4.5% decline over the past day.