Crypto trader Peter Brandt stated that payment-oriented altcoin XRP could experience a threefold increase if it breaks the bull continuation pattern. Brandt stated that he monitored the market value of XRP with his followers on the social media platform and created a bull flag formation.
Bull Flag Formation
A bull flag usually signals a positive market movement and indicates that the asset is in the process of consolidation before starting new highs. Brandt said that the formation is in its sixth week and XRP should complete this pattern in a short time.
Potential Ascension Scenario
Brandt predicts that if XRP completes its bull flag, its market value could reach $500 billion. This means that the price of XRP could reach $8.68 based on the current supply. Currently, XRP is trading at $2.28 and its market cap is $131.11 billion.
Bitcoin’s Status
Bitcoin $95,447.5As for , Brandt noted that BTC has formed a bearish head and shoulders pattern on the daily chart, but this does not indicate a serious correction. The fact that BTC remains above the neckline at $90,600 indicates that Bitcoin maintains its strength.
“If XRP does not complete this flag, it is possible that the pattern will change to a different shape. However, if completed, the market value could reach 500 billion dollars.” –Peter Brandt
Currently, XRP is trading at $2.28 while Bitcoin is hovering around $96,876. Brandt pointed out that if the bull flag is not completed within the expected time, there may be fluctuations in the price of XRP.
For investors monitoring the markets, such chart formations can be important indicators to evaluate potential opportunities. However, as with all investments, risks need to be taken into account.
Market Expectations
Analysts continue to constantly evaluate data to make healthier investment decisions by taking into account XRP’s market dynamics and general cryptocurrency trends. In this period of high market volatility, technical analysis can guide investors.
The performance of major cryptocurrencies such as XRP and Bitcoin can directly affect the overall market sentiment and investor confidence. Therefore, it is important for investors to follow current analysis and do their own research.
Finally, understanding market trends and chart patterns can help investors make informed decisions. However, as with every investment, caution must be exercised in cryptocurrencies and risks must be managed well.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
