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XRP could rally 262% – What’s behind Peter Brandt’s prediction?
Peter Brandt, a veteran price chart analyst and trader, has made a bold prediction that Ripple’s market cap could explode to $500 billion. This translates to a whopping potential growth of 262%. According to his projection, the token’s value would skyrocket to approximately $8.7 based on the current market price of $2.4.
Brandt’s forecast was based on identifying a bullish flag pattern in XRP’s chart. He emphasized that “Half mast flags should complete within six weeks, otherwise they should be viewed with great suspicion.” However, if this pattern does complete, then the market cap of $500 billion is possible.
For those who are unfamiliar with trading terminology, the flag pattern breakout typically corresponds to a rally of similar magnitude to the length of the flagpole. In this case, the target would be the massive market cap of $500 billion.
The prediction has sparked excitement among XRP enthusiasts, as it suggests that the token could potentially double or even triple in value. Many users are strongly convinced of an additional rally based on low selling pressure on centralized exchanges. According to data from CryptoQuant, exchange inflows have remained flat since the massive rally in November. This indicates that more investors opted to hold their XRP tokens rather than sell them, which could be beneficial for the altcoin in the short term.
AMBCrypto analyzed the top exchanges with the largest reserves of XRP to understand the extent of selling pressure in the market. Upbit, a Korean-based exchange, held an astonishing 6 billion XRP tokens – the highest reserves among all platforms. The platform has experienced a significant drop in its reserve levels to a seven-month low, which indicates that users withdrew their funds for self-custody purposes. This suggests that investors anticipate a potential price surge for the altcoin.
The third-largest digital asset by market capitalization could potentially trigger a surprise rally. In fact, if Brandt’s projection of $500 billion comes to fruition, XRP could flip Ethereum [ETH] in the near future. Certain catalysts that might contribute to this scenario include XRP ETF expectations and the next phase of the altcoin season in 2025.
In the immediate short term, the bullish target for XRP could be $3.4, representing a potential gain of approximately 52% if the token breaks above its triangle pattern. Conversely, a bearish breakout would render this outlook invalid and push the price towards $1.1.
It’s worth noting that Brandt is known for his accuracy in forecasting market trends.
Source: ambcrypto.com
