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XRP could rally 262% – What’s behind Peter Brandt’s prediction?
Renowned price chart analyst and trader Peter Brandt has predicted a whopping 262% growth in Ripple’s market capitalization, potentially sending the token’s value surging to $8.7 based on its current price of $2.4. The forecast is built upon a bullish flag pattern, where half-mast flags are expected to complete within six weeks or less.
The prediction may seem extraordinary, but it is supported by recent data showing low selling pressure on exchanges. According to CryptoQuant, exchange inflows – which track the amount of XRP sent to exchanges for sale – have remained flat since the massive rally in November. This suggests that most users are opting to hold their tokens rather than sell them, a clear indication of bullish sentiment.
Furthermore, reserves held by major exchanges such as Upbit and Binance have declined significantly. The largest reserve, held by Korean-based Upbit, has dropped to its lowest level in seven months. This significant withdrawal could be an indicator that users are anticipating a price run for the altcoin in the short term.
It is worth noting that such a drastic 262% growth would require significant market catalysts, which could include the launch of XRP ETF and the next phase of the altcoin season in 2025.
Source: ambcrypto.com
