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After an incredible 2024, which saw XRP prices rise from around $0.50 to $2.90, the cryptocurrency is now range bound, trading at $2.31 at the time of writing. However, the main pattern on the weekly chart suggests that XRP could be on the verge of another major breakout.
The half-mast flag pattern 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, has had an amazing 2024. The price of the digital asset has risen more than five-fold in less than two months, after… victory In a major lawsuit against the US Securities and Exchange Commission (SEC).
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In a recent post shared on X, veteran trader and analyst Peter Brandt shared his thoughts on the potential future price path of XRP. Brandt highlighted the formation of a “half-mast flag” pattern on the weekly time frame, adding that the bullish completion of the pattern could push XRP to new highs. He pointed out:
Half-mast flags must be completed within six weeks, otherwise they should be viewed with a great deal of suspicion. This science is in XRP He needs to rock and roll soon, otherwise he’ll probably turn into something else TBD. But if completed, the market value could reach $500 billion.
For the uninitiated, a half-mast flag is a continuation trading pattern where the price forms a sharp upward movement followed by a short, shallow flag-like consolidation, usually sloping against the prevailing trend.
When the price exits a consolidation phase, it often indicates a continuation of the uptrend, which could lead to higher prices. According to Brandt, the bullish completion of the pattern — a breakout to the upside — could push the total market capitalization of XRP to $500 billion.
If other cryptocurrencies remain within a range, a market cap of $500 billion would make XRP the second-largest digital asset by market capitalization, surpassing Ethereum (ETH), which currently has a market capitalization of $416 billion.
However, it is important to note that in the event of a bearish completion of the half-mast flag pattern, the price of XRP could fall to previous lows, potentially falling to a market cap of around $28 billion.
XRP is poised for big gains
Meanwhile, cryptocurrency analyst Mikipol identified multiple price targets for XRP on the daily time frame, using Fibonacci extension bands. According to the analyst, an XRP breakout is “imminent,” with targets as high as $3.74.
Likewise, Egrag Crypto recently anticipation That XRP may rise to $15 according to Elliott Wave Theory. Furthermore, on-chain data indicates the presence of XRP whales buying Each decline in anticipation of a major rise in the coming weeks.
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However, there are still concerns about XRP bulls. Inability To break the $2.35 resistance level decisively. At press time, XRP is trading at $2.31, down 4.5% over the past 24 hours.
Featured image from Pexels, charts from X and TradingView.com
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