Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Peter Brandt, a renowned trader with over 50 years of experience on financial markets, recently issued a fresh outlook on a price chart of popular cryptocurrency XRP. Thus, in his latest X post, Brandt puts in the spotlight the flag pattern that is forming on XRP's chart right now.
Flag patterns are continuation indicators that suggest a brief pause in an asset's price movement before resuming the prior trend. In the case of XRP, the prior trend was up, so the flag pattern there carries a bullish characteristic.
Gamza KhanzadaevIn the trader's opinion, the cryptocurrency has six weeks to complete the pattern in a bull way, otherwise it can get invalidated. This flag in XRP needs to rock and roll soon, says Brandt. If not, though, it will likely morph into something else and most probably, as drawn from the trader's rhetoric, it will not be as evidently bullish as the current pattern.
If XRP is indeed about to complete the flag pattern and breakout upper, then the currently third largest cryptocurrency may see its quotes rise so high the total market capitalization of the token will reach a staggering half a trillion dollars evaluation.
Considering that right now the total estimation of all XRP in circulation stands at $139.72 billion, the bull flag pattern completion may mean another 357.9% move upward. In this case, the price of XRP will hit about $8.7, which is more than twice than the all-time high right now.
If all this is possible for XRP remains an open question, but one thing for sure, the once most hated coin is back in the spotlight of the cryptocurrency market again.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov