XRP market cap of $500B ‘possible’ within 6 weeks, says veteran trader

XRP (XRP) price is attempting to close a daily candle above its descending resistance trendline, which previously capped the altcoin’s price action.

XRP 1-day chart. Source: Cointelegraph/TradingView

Successive breaks above the trendline and resistance range between $2.48 and $2.60 will be a strong signal from the bulls, potentially leading to a breakout above $2.72.

XRP half-mast flag hints at 260% gains ahead

Likewise, one market analyst believes that XRP is primed for a major breakout over the next few weeks, but timing will be key.

In a recent X post, Peter Brandt, a veteran trader, explained that XRP’s half-mast flag on the weekly chart should undergo completion in the next six weeks.

Related: XRP price chart ‘bull flag’ targets $15 amid increasing open interest

A half-mast flag is a neutral pattern that can lead to a bullish or bearish outcome. The half-mast period is considered a consolidation in the middle of a trend before continuation.

XRP analysis by Peter Brandt. Source: X.com

As illustrated in the chart, Brandt says that XRP’s market cap reaching $500 billion is possible if the pattern undergoes a bullish completion. That is a 262% gain or a price target of $6.40. Although, the trader warns,

“This flag in $XRP needs to rock and roll soon, otherwise it will likely morph into something else TBD.”

Similarly, Mikybull, a crypto trader, also mentioned that an XRP breakout is “imminent,” as the altcoin formed a bull flag pattern on the 1-day chart. Based on Fibonacci extension lines, the trader outlined an immediate target of $3.74.

However, the long-term target could be as high as $15 if the flagpole’s height is considered, which is a 514% rise from XRP’s current value.

XRP price can “move fast above $2.45”

XRP must clear the current resistance range between $2.48 and $2.60 to reach the bullish price targets like $3.74 and $6.40 over the next few weeks.

This range has capped the price action at $2.60 three times, with a liquidity sweep just above the upper resistance on Dec. 17.

XRP 4-hour chart. Source: Cointelegraph/TradingView

So, even though the XRP price is well-positioned for a rally, Brandt’s warning should be heeded, as a breakdown is also possible if this resistance remains in place.

Related: Price analysis 1/06: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, AVAX

Dom, an order flows market analyst, says that XRP has been stuck in the mid-range for six weeks with a point of control (POC) of around $2.45 based on the Volume Weighted Average Price (VWAP) metric. He noted:

The profile is starting to look very balanced indicating a break is soonAny dip into the orange VWAP bands, I will be bidding for longsFull acceptance over $2.45 and things likely start moving fast.

XRP order flow analysis by Dom. Source: X.com

But first, XRP bulls must secure a daily close above $2.45 to break the $2.60 target. This will directly bring the mentioned price targets of $3.74 and $6.40 into play over the coming weeks.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.