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After experiencing an extraordinary 2024, where XRP’s price soared from approximately $0.50 to an impressive high of $2.90, the cryptocurrency finds itself in a consolidated phase, currently trading at $2.31. Notably, a significant pattern visible on the weekly chart indicates the potential for another substantial breakout for XRP.
Half-Mast Flag Pattern: A Catalyst for Potential Growth
As the fourth-largest cryptocurrency, XRP boasts a market cap exceeding $134 billion. The year 2024 was nothing short of spectacular for this digital asset, with its price multiplying more than fivefold in under two months, catalyzed by its victory in a pivotal lawsuit against the US Securities and Exchange Commission (SEC).
Expert Insights and Market Projections
In a recent analysis shared on X, esteemed trader and analyst Peter Brandt elaborated on XRP’s potential future price trajectory. Brandt emphasized the formation of a ‘half-mast flag’ pattern on the weekly chart, suggesting that a bullish resolution of this pattern could drive XRP to unprecedented heights. Brandt remarked:
Half mast flags should complete within six weeks; otherwise, they should be viewed with great suspicion. This flag in XRP needs to rock and roll soon, otherwise it will likely morph into something else TBD. But if it completes, then a market cap of $500 billion is possible.
For those unfamiliar, a half-mast flag is a continuation pattern in trading, characterized by a sharp upward movement followed by a brief, shallow consolidation resembling a flag, typically sloping against the prevailing trend. A breakout from this consolidation phase often signals a continuation of the uptrend, potentially leading to higher prices. According to Brandt, a bullish completion of the pattern—a breakout to the upside—could propel XRP’s market cap to a remarkable $500 billion.
Potential Market Impact
Should other cryptocurrencies remain range-bound, XRP achieving a $500 billion market cap would position it as the second-largest digital asset by market cap, surpassing Ethereum (ETH), which currently holds a market cap of $416 billion. Conversely, in the event of a bearish completion of the half-mast flag pattern, XRP’s price might decline to previous lows, potentially reducing its market cap to around $28 billion.
XRP Positioned for Significant Gains
In parallel, crypto analyst Mikybull has identified multiple price targets for XRP on the daily chart, utilizing Fibonacci extension bands. The analyst suggests that a breakout for XRP “is imminent,” pointing to potential targets as high as $3.74. Similarly, Egrag Crypto recently forecasted a potential surge of XRP to $15, in accordance with the Elliott Wave theory. Additionally, on-chain data reveals that XRP whales are accumulating during dips, anticipating a major rally in the upcoming weeks.
Current Challenges and Market Dynamics
Nevertheless, concerns linger regarding the ability of XRP bulls to decisively breach the $2.35 resistance level. At present, XRP is trading at $2.31, marking a 4.5% decline over the past 24 hours.
In summary, while XRP continues to exhibit promising technical patterns and attracts interest from both analysts and investors, its ability to overcome current resistance levels will be crucial in determining its future trajectory. As market dynamics evolve, XRP remains a cryptocurrency to watch for potential significant movements.
