Veteran trader Peter Brandt estimates that XRP's market cap could surge to $500 billion if its current price pattern, known as a "flag on the pole," is successfully completed. However, he warns that this scenario might fail if the bullish momentum doesn't accelerate soon.
Key Move for XRP: $500 Billion Market Cap?
Peter Brandt, a seasoned trader with over 40 years of experience in financial markets, shared his analysis of XRP's price movement on January 6 via the X platform. According to Brandt, XRP currently displays a "flag on the pole" pattern. This technical setup suggests the continuation of a prior trend, typically following a sharp price rise accompanied by a short consolidation period resembling a flag.
If the pattern is completed, Brandt believes XRP could achieve a market cap of up to $500 billion. "If this flag in XRP resolves, then a $500 billion market cap is possible," Brandt stated, emphasizing the critical importance of timing.
Timing Is Key
Brandt highlighted that the "flag on the pole" pattern should resolve within six weeks. If it fails to do so, its reliability may be questioned, or the formation may transform into a different pattern.
"If the pattern doesn't resolve within six weeks, it should be viewed with suspicion," Brandt cautioned.
XRP Technical Analysis: What to Watch?
Based on Brandt's analysis, XRP's current market cap stands at around $138 billion. The accompanying chart illustrates a sharp upward move followed by a consolidation phase, which is characteristic of the flag pattern.
Key resistance and support levels are clearly marked, while indicators such as ATR (Average True Range) and ADX (Average Directional Index) highlight volatility and trend strength.
Brandt's analysis advises investors to closely monitor XRP's movements in the coming weeks, as the window for a potential breakout is narrowing rapidly.
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