Well-known market analyst Peter Brandt has identified a technical formation suggesting XRP’s market capitalization might surge to $502 billion. The forecast stems from his analysis of a distinctive price pattern observed in XRP’s weekly market cap chart.
Following Donald Trump’s presidential victory in November 2024, XRP experienced substantial market appreciation. The digital asset’s valuation rose dramatically from $28.13 billion, when it traded at $0.50, reaching an unprecedented seven-year high of $165.74 billion as the price almost touched $2.9 in early December 2024.
Half mast flags should complete within six weeks, otherwise they should be viewed with great suspicion. This flag in $XRP needs to rock and roll soon, otherwise it will likely morph into something else TBD. But if it completes, then market cap of $500 B is possible pic.twitter.com/c7BHqnQFkP
— Peter Brandt (@PeterLBrandt) January 6, 2025
Technical Pattern Suggests Further Growth
According to Brandt’s analysis, XRP’s price action has entered a consolidation phase after achieving these significant milestones. The current market structure exhibits what he refers to as a half-mast flag pattern, characterized by a period of price compression between converging trendlines following a strong upward movement.
Supporting technical indicators reinforce the pattern’s significance. The Average Directional Index (ADX) is at 39.95, indicating robust trend momentum. While trading volume has decreased during the consolidation period, this reduction aligns with typical flag pattern characteristics and often precedes significant price movements.
Brandt emphasizes the time-sensitive nature of this technical formation. He believes the breakout will occur within approximately six weeks. If it exceeds this timeline, it could devolve into a different technical format, and Brandt noted that this development should be viewed with suspicion.
However, if the pattern can complete its formation, Brandt says this could push XRP’s market cap to $502 billion, adding to the list of bullish predictions for a massive XRP market cap.
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Implications for XRP’s Market Position
This projected market cap is almost four times XRP’s current market cap of $131.41 billion at its current price of $2.29. If its market cap climbs to $502 billion, XRP would have a price of approximately $8.74.
Assuming Ethereum maintains its current market capitalization of $407.7 billion, this development could position XRP as the second-largest cryptocurrency in the market.
Despite his historical skepticism toward XRP, Brandt has recently adopted a more optimistic stance. In November, he identified $1.96 as a crucial resistance level, suggesting that surpassing this threshold could trigger substantial price appreciation. XRP subsequently broke through this level, which now functions as a support zone.
Brandt further reinforced his bullish outlook in December 2024, when he identified an XRP chart he described as the most powerful in the crypto world. Other prominent crypto voices have shared their predictions that XRP can surpass Ethereum in the current cycle, and Brandt’s analysis has bolstered the bullish sentiment surrounding the asset.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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