XRP market cap of $500 billion within six weeks ‘possible’

Veteran trader Peter Brandt predicts that XRP will reach a market cap of $500 billion within the next six weeks, provided there is a significant price rise. XRP, currently priced at $2.43, is attempting to close a daily candle above a descending resistance trend line that has historically restricted price movements.

Brandt explained that a successful breakout of the resistance range between $2.48 and $2.60 would be a strong bullish signal, which could lead to a breakout above $2.72.

He highlighted the importance of timing, noting that XRP’s half-mast flag pattern on the weekly chart could indicate a potential gain of 262%, targeting a price of $6.40. However, he warned that if this pattern fails to resolve soon, it could lead to an unexpected outcome.

Adding to the bullish sentiment, cryptocurrency trader Mikipol noted that XRP is poised for a breakout, with a bullish flag pattern evident on the daily chart.

The immediate target for this move is set at $3.74, while the longer-term outlook could see prices rise to $15, representing a 514% increase from current levels.

Dom, an order flow market analyst, stated that XRP has been stuck in an intermediate range for six weeks, with a control point of around $2.45 based on a volume-weighted average price (VWAP) metric. He noted that a break above $2.45 could lead to rapid price movements.

To achieve these bullish targets, XRP must first secure a daily close above critical resistance levels.

Market participants are closely monitoring the evolving dynamics, and are aware of the potential for both upward and downward moves in the coming weeks.