Veteran trader Peter Brandt recently shared intriguing insights into XRP’s potential price movements. Through a series of Twitter posts, Brandt presented two charts that may indicate XRP’s future trajectory. One of the charts, a weekly analysis, reveals a promising bullish wedge pattern. If this pattern holds, it could signal significant price growth for XRP leading into 2025. In contrast, the daily chart suggests a potential correction from a local top of $2.728000.
Analyzing XRP’s Chart Patterns
Peter Brandt’s analysis showcases two perspectives: a weekly chart and a daily chart. He emphasizes a crucial trading philosophy: “Strong opinions, weakly held.” This principle underscores the importance of flexibility in trading strategies and the distinction between a chart’s data and personal opinions. According to Brandt, while charts provide valuable insights, they are not definitive predictors of market behavior.
The Half Mast Flag Formation
Previously, Brandt highlighted the potential formation of a Half Mast Flag pattern in the XRP/USD pair. If this pattern completes, it traditionally suggests that the upward movement could mirror the previous advance into the flag’s tip. While this often indicates a substantial price movement following a dip, it doesn’t guarantee sustained upward momentum.
Credible Crypto’s Bullish Insights
In a recent analysis, Credible Crypto, a renowned crypto analyst and trader, shared optimistic views about XRP’s market structure. In his latest YouTube video, he noted that XRP exhibits one of the most bullish structures in the crypto market across various time frames. This clear bullish impulsive structure is evident on both lower and higher time frames, making it easily identifiable.
Applying Elliott Wave Theory
Credible Crypto frequently employs Elliott Wave theory in his technical analysis. According to this theory, a bullish asset experiences a five-wave rally followed by a correction in a three-wave pattern. He suggests that XRP is poised for an upward impulse, potentially reaching $4 and achieving new all-time highs. This may be part of a larger third-wave move, ultimately driving XRP to $5 and beyond. As the fifth wave progresses, Credible anticipates XRP could reach a blow-off top between $20 and $30.
XRP To Hit Double Digits?
Credible Crypto envisions a scenario where XRP could hit double digits as it gears up for the final fifth wave. He projects that this fifth wave will propel XRP to a blow-off top or final peak between $20 and $30. Notably, XRP experienced a significant rally in December, peaking at $2.72 on December 3. However, the price has since declined amid increased holiday season volatility. Despite this, XRP’s fully diluted valuation (FDV) has risen to $216.24 billion, reinforcing confidence in its long-term potential.
While XRP remains 36.3% below its all-time high from early 2018, the momentum from earlier rallies has yet to set a new record. Nonetheless, the introduction of Ripple’s RLUSD stablecoin sparked a brief rally, although it was insufficient to drive XRP to new heights.
