Following an incredible performance in 2024, where XRP’s value skyrocketed from approximately $0.50 to a peak of $2.90, the digital currency is currently trading in a range around $2.31. Despite this, an important pattern on the weekly chart indicates that XRP may be gearing up for another significant breakout.
XRP Poised for New Highs with Half-Mast Flag Pattern
XRP, ranked as the fourth-largest cryptocurrency with a market capitalization exceeding $134 billion, experienced a remarkable year in 2024. The price of this digital asset surged over five times within a span of less than two months, following a significant legal victory against the US Securities and Exchange Commission (SEC).
In a recent analysis provided by seasoned trader and analyst Peter Brandt, a ‘half-mast flag’ pattern has been identified on the weekly chart for XRP. Brandt suggested that a bullish completion of this pattern could propel XRP to reach new all-time highs. He emphasized:
Half-mast flags typically reach completion within six weeks, failing which they should be approached with caution. The current flag formation in XRP must see some action soon to confirm its potential, otherwise, it might transform into a different pattern. However, a successful completion could drive XRP’s market cap to $500 billion.
For those unfamiliar with it, a half-mast flag is a continuation pattern in trading characterized by a sharp upward movement followed by a brief consolidation that resembles a flag, usually counter to the prevailing trend.
When the price breaks out of this consolidation phase, it typically signals a continuation of the upward trend, potentially resulting in higher prices. Brandt speculates that a successful breakout could push XRP’s market cap to $500 billion, making it the second-largest digital asset by market capitalization, surpassing Ethereum (ETH).
However, it’s crucial to acknowledge that in the event of a bearish completion of the half-mast flag pattern, XRP’s price could retreat to previous lows, possibly leading to a market cap of around $28 billion.
XRP Set for Significant Growth
On a different note, crypto analyst Mikybull has outlined various price targets for XRP using Fibonacci extension bands on the daily chart. According to this analyst, a breakout is on the horizon for XRP, with price targets reaching as high as $3.74.
In a similar vein, Egrag Crypto recently projected that XRP could surge to $15 based on the Elliott Wave theory. Additionally, on-chain data suggests that XRP whales are actively buying every dip in anticipation of a significant rally in the upcoming weeks.
Nonetheless, there are concerns surrounding XRP’s inability to decisively surpass the $2.35 resistance level despite bullish momentum. Presently, XRP is trading at $2.31, reflecting a 4.5% decline over the past 24 hours.
