After an amazing 2024, which saw XRP price rise from around $0.50 to as high as $2.90, the digital currency is now bound in a range, trading at $2.31 at the time of writing. However, a key pattern on the weekly chart suggests that XRP may be on the verge of another major breakout.
The half mast flag pattern can propel the digital asset to new heights
XRP, the fourth largest cryptocurrency with a total market cap of over $134 billion at the time of writing, had an amazing 2024. victory in a major lawsuit against the US Securities and Exchange Commission (SEC).
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In a recent post shared on X, veteran trader and analyst Peter Brandt shared his thoughts on XRP's future price path. Brandt pointed to the formation of a 'half mast flag' pattern on the weekly time frame, adding that the completion of the pattern could move the XRP to new highs. He noted:
Half masts should be completed within six weeks, otherwise they should be viewed with great suspicion. This flag inside XRP it needs to rock and roll soon, or it will likely turn into something else TBD. But if completed, a market cap of $500 B is possible.
For those unfamiliar, a half-mast flag is a continuous pattern in trading where the price creates a sharp upward movement followed by a short, shallow consolidation similar to a flag, usually going -against the normal movement.
When the price breaks out of the consolidation level, it often signals a continuation of the uptrend, which could lead to higher prices. According to Brandt, a supportive ending to the pattern – a breakout to the upside – could push XRP's total market cap to $500 billion.
If other cryptocurrencies remain range bound, XRP's $500 billion market cap would make XRP the second largest digital asset by market cap, surpassing Ethereum (ETH), which currently has a market cap of $416 billion .
However, it is important to note that in the case of a bearish completion of the half mast flag pattern, the price of XRP may break down to previous lows, possibly falling to a market cap of around $28 billion.
XRP primed for big gains
At the same time, the crypto analyst Mikybull defined several price targets for XRP on the daily time frame, using Fibonacci expansion bands. According to the analysis, a breakout for XRP is “imminent,” with targets as high as $3.74.
Similarly, recently Egra Crypto predict that XRP could rise to $15 according to the Elliott Wave theory. Further, data on chain shows that XRP whales purchase every fall with the expectation of a large gathering in the coming weeks.
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That said, there are still concerns about XRP bulls' inability to definitely break down through the $2.35 level. At press time, XRP is trading at $2.31, down 4.5% in the past 24 hours.
Featured image from Pexels, charts from X and TradingView.com
