XRP ‘Half-Mast Flag’ Pattern Points To $500 Billion Market Cap If Bullish Trend Completes
After a remarkable 2024 that saw the price of XRP surge from around $0.50 to $2.90, the cryptocurrency is currently range-bound, trading at $2.31 at the time of writing. However, a key pattern on the weekly chart suggests that XRP may be on the verge of another major breakout.
Flag at half-mast mode could push digital assets to new highs
XRP, the fourth largest cryptocurrency with a total market capitalization of over $134 billion at the time of writing, is on track to perform well in 2024. The digital asset’s price has increased more than fivefold in less than two months, following a victory In a major lawsuit against the U.S. Securities and Exchange Commission (SEC).
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In a recent article shared on X, veteran trader and analyst Peter Brandt shared his thoughts on XRP’s potential future price trajectory. Brandt highlighted the formation of a “half-mast” pattern on the weekly time frame, adding that a bullish completion of the pattern could push XRP to new highs. He pointed out:
Flags flying at half-mast should be done within six weeks, otherwise they should be treated with high suspicion. The sign is in Ripple Needs to rock out soon or it might turn into something else TBD. But if completed, the market cap could reach $500B.
For the uninitiated, a half-mast flag is an ongoing pattern in trading in which prices form a sharp upward move, followed by a brief shallow consolidation that resembles a flag, often going against the current trend.
When prices break out of a consolidation phase, it usually signals a continuation of the uptrend, potentially leading to higher prices. Brandt said that a bullish completion of the pattern (a breakout to the upside) could push XRP’s total market cap to $500 billion.
If other cryptocurrencies remain range-bound, a $500 billion market cap would make XRP the second-largest digital asset by market cap, surpassing Ethereum (ETH), which currently has a market cap of $416 billion.
However, it is worth noting that if the bears complete the half-mast pattern, the price of XRP could drop to previous lows and the market cap could fall to around $28 billion.
XRP Poised for Big Rise
Meanwhile, crypto analyst Mikybull has outlined multiple price targets for XRP on the daily time frame using Fibonacci extension bands. The analyst says a breakout for XRP is “imminent,” with targets as high as $3.74.
Likewise, Egrag Crypto recently Predictive According to the Elliott Wave Theory, XRP could surge to $15. Additionally, on-chain data suggests XRP whales Buy Each dip heralds a sharp rebound in the coming weeks.
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Still, concerns for XRP bulls remain Powerless Decisively broke through the $2.35 resistance level. At press time, XRP was trading at $2.31, down 4.5% in the past 24 hours.
Featured images from Pexels, charts from X and TradingView.com
