2024 was an outstanding year for XRP as its value climbed from approximately $0.50 to reach a peak of $2.90. At the moment, it’s holding steady within a range, trading at $2.31. Nevertheless, a notable chart pattern indicates that XRP might be about to make another substantial price leap.
Half-Mast Flag Pattern Can Propel The Digital Asset To New Highs
In simple terms, during 2024, XRP, currently the fourth-largest cryptocurrency with a market cap exceeding $134 billion, experienced a remarkable surge. The value of this digital asset skyrocketed more than fivefold within just under two months, largely due to its legal triumph in a significant lawsuit against the United States Securities and Exchange Commission (SEC).
On platform X, seasoned trader and analyst Peter Brandt expressed his views about XRP’s possible price trend in a recent post. Brandt pointed out the appearance of a ‘half-mast flag’ formation on the weekly chart, implying that if this bullish pattern concludes as expected, XRP could reach unprecedented heights. He emphasized this point:
If half-mast flags aren’t brought down within six weeks, they should arouse considerable doubt. However, the flag associated with XRP needs to start moving and vibrant soon, or else it could transform into something else undefined in the future. But if it does manage to reach completion, a market cap of $500 billion becomes plausible.
For those who are new to this, a “half-mast flag” in trading refers to a technical chart pattern. This pattern occurs when the price rapidly rises and then briefly flattens or slightly increases in a way that resembles a small flag, often slanting opposite to the main trend direction. This brief pause is called consolidation.
If the cost exceeds its consolidation stage, this typically indicates a persistent increase in price, which might result in even higher values. As per Brandt’s analysis, a bullish conclusion to this pattern – an upward breakout – could possibly drive XRP’s total market cap up to a staggering $500 billion.
Should other digital currencies continue to trade within a specific price range, reaching a market capitalization of $500 billion would position XRP as the second most valuable cryptocurrency by market cap, outranking Ethereum (ETH), which at present has a market cap of approximately $416 billion.
Keep in mind that if the bearish conclusion of the half-mast flag pattern materializes for XRP, its value might plummet towards earlier lows, reaching approximately a market cap of $28 billion.
XRP Primed For Major Gains
Currently, crypto expert Mikybull has predicted several potential prices for XRP on a daily scale, employing Fibonacci extension levels. The analyst suggests that an increase in the price of XRP might happen soon, with possible highs reaching up to $3.74.
As an analyst, I’ve observed a similar trend with Egrag Crypto’s prediction for XRP. Using the Elliott Wave principle, they foresee XRP potentially reaching $15. Additionally, on-chain analysis suggests that XRP’s large investors (whales) are taking advantage of price dips, hinting at their expectation of a significant upswing in the forthcoming weeks.
Despite ongoing attempts, the price of XRP has yet to surpass the significant barrier at $2.35. Currently, XRP is priced at $2.31, showing a decrease of 4.5% over the last day.
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2025-01-08 13:34