Crypto trader Peter Brandt believes that XRP, a payments-focused altcoin, has the potential to see significant rallies if it breaks out from a bullish continuation pattern. Brandt, a veteran analyst with a large following on social media, is closely monitoring the market cap of XRP, which he identifies as showing a bull flag pattern.
A bull flag pattern is typically considered bullish, indicating that an asset is consolidating before potentially experiencing new upward movements. Brandt emphasizes the importance of the pattern completing within six weeks, as any delays could cast doubt on its validity. If XRP successfully breaks out of the pattern, Brandt suggests that a market cap of $500 billion is achievable.
Analyzing his chart, Brandt notes that XRP is currently in the sixth week of consolidation within the bull flag. The pressure is on for the altcoin to make a decisive move soon. If XRP reaches a $500 billion market cap, it could translate to a price of $8.68, assuming the supply remains constant. As of the time of writing, XRP is trading at $2.28 with a market cap of $131.11 billion.
In addition to XRP, Brandt also shares insights on Bitcoin. Despite Bitcoin displaying a bearish head-and-shoulders pattern on the daily chart, Brandt suggests that this doesn’t necessarily indicate an imminent severe correction. The pattern implies a potential trend reversal when an asset fails to sustain its upward momentum.
Brandt highlights the significance of Bitcoin staying above the neckline of the pattern at $90,600, which could indicate the strength of BTC. As of now, Bitcoin is trading at $96,876.
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