news 
Veteran Trader Predicts $3 XRP Price Close With This Flag Breakout
As the crypto market witnessed a significant downturn following the U.S. Federal Reserve’s announcement of a 25 basis point rate cut, veteran trader Peter Brandt has identified a bullish setup in Ripple (XRP) that could propel its price to as high as $3.
According to the renowned trader, XRP is displaying a half-mast flag formation, which, if confirmed, would signify a trend continuation. This technical pattern suggests that the distance of the price’s upward movement may mirror the flagpole’s initial advance. In theory, this setup displays a long-diagonal trendline representing the dominating trend in an asset, followed by a temporary pullback.
The correction resonates within two downsloping trendlines, allowing buyers to revive the exhausted bullish momentum before the next leap. The chart setup also echoes a cyclic behavior of this asset to regain bullish momentum, as seen during the November rally when XRP displayed similar patterns.
On December 14th, the XRP price gave a bullish breakout from the pattern resistance trendline, signaling uptrend continuation. However, with the recent market pullback, the coin price reverted to breach the trendline as a potential support. Sustaining this flipped support, the XRP price could chase the initial target of $3, registering a potential growth of 25%. If the pattern holds true, buyers may drive an extended rally to $3.5.
On the contrary, a reversal below the breached trendline would invalidate the bullish thesis and trigger a fresh correction.
The market is closely monitoring XRP’s price movement as it approaches this critical level.
Source: http://www.cryptonewsz.com
