XRP market cap of $500B ‘possible’ within 6 weeks, says veteran trader

XRP (XRP) worth is trying to shut a every day candle above its descending resistance trendline, which beforehand capped the altcoin’s worth motion.

Successive breaks above the trendline and resistance vary between $2.48 and $2.60 will likely be a robust sign from the bulls, probably resulting in a breakout above $2.72.

XRP half-mast flag hints at 260% good points forward

Likewise, one market analyst believes that XRP is primed for a significant breakout over the following few weeks, however timing will likely be key.

In a current X submit, Peter Brandt, a veteran dealer, explained that XRP’s half-mast flag on the weekly chart ought to endure completion within the subsequent six weeks.

Related: XRP price chart ‘bull flag’ targets $15 amid increasing open interest

A half-mast flag is a impartial sample that may result in a bullish or bearish end result. The half-mast interval is taken into account a consolidation in the course of a development earlier than continuation.

As illustrated within the chart, Brandt says that XRP’s market cap reaching $500 billion is feasible if the sample undergoes a bullish completion. That could be a 262% acquire or a worth goal of $6.40. Though, the dealer warns,

“This flag in $XRP must rock and roll quickly, in any other case it is going to seemingly morph into one thing else TBD.”

Equally, Mikybull, a crypto dealer, additionally talked about that an XRP breakout is “imminent,” because the altcoin shaped a bull flag sample on the 1-day chart. Primarily based on Fibonacci extension traces, the dealer outlined a direct goal of $3.74.

Nonetheless, the long-term goal could be as high as $15 if the flagpole’s top is taken into account, which is a 514% rise from XRP’s present worth.

XRP worth can “transfer quick above $2.45”

XRP should clear the present resistance vary between $2.48 and $2.60 to achieve the bullish worth targets like $3.74 and $6.40 over the following few weeks.

This vary has capped the value motion at $2.60 thrice, with a liquidity sweep simply above the higher resistance on Dec. 17.

So, although the XRP worth is well-positioned for a rally, Brandt’s warning ought to be heeded, as a breakdown can also be potential if this resistance stays in place.

Related: Price analysis 1/06: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, AVAX

Dom, an order flows market analyst, says that XRP has been caught within the mid-range for six weeks with some extent of management (POC) of round $2.45 primarily based on the Quantity Weighted Common Value (VWAP) metric. He famous:

The profile is beginning to look very balanced indicating a break is soonAny dip into the orange VWAP bands, I will likely be bidding for longsFull acceptance over $2.45 and issues seemingly begin shifting quick.

However first, XRP bulls should safe a every day shut above $2.45 to interrupt the $2.60 goal. It will straight convey the talked about worth targets of $3.74 and $6.40 into play over the approaching weeks.

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