Veteran trader Peter Brandt has projected that XRP could reach a market capitalization of $500 billion within the next six weeks, contingent upon a significant price breakout.
Veteran trader Peter Brandt has projected that XRP could reach a market capitalization of $500 billion within the next six weeks, contingent upon a significant price breakout. Currently priced at $2.43, XRP is attempting to close a daily candle above a descending resistance trendline that has historically restricted its price movements.
Brandt explained that a successful breach of the resistance range between $2.48 and $2.60 would serve as a strong bullish signal, possibly leading to a breakout above $2.72.
He highlighted the importance of timing, noting that XRP's half-mast flag pattern on the weekly chart could indicate a potential 262% gain, targeting a price of $6.40. However, he warned that if the pattern fails to resolve soon, it may lead to an unpredictable outcome.
Adding to the bullish sentiment, crypto trader Mikybull pointed out that XRP is poised for a breakout, with a bull flag pattern evident on the daily chart.
The immediate target for this movement has been identified as $3.74, while a long-term projection could see prices rise as high as $15, marking a 514% increase from current levels.
Dom, an order flows market analyst, mentioned that XRP has been stuck in a mid-range for six weeks, with a point of control around $2.45 based on the volume weighted average price (VWAP) metric. He noted that a break above $2.45 could trigger rapid price movements.
To achieve these bullish targets, XRP must first secure a daily close above critical resistance levels.
Market participants are closely monitoring the evolving dynamics, aware of the potential for both upward and downward movements in the coming weeks.
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