Peter Brandt, an experienced trader at the age of 77 who forecasted Bitcoin‘s 84% drop in 2018, has lately suggested that XRP is shaping a bullish trend. If this pattern fully develops, it could potentially boost XRP’s market capitalization to reach a staggering $500 billion.
On the popular micro-sharing site X, Brandt recently posted an update to his 768,000+ followers, predicting that a bullish flag pattern might soon materialize in XRP. This development could potentially propel its market cap to an impressive $500 billion.
In his post, Brand cautioned that if the pattern fails to be completed within six weeks, it should raise significant concern and emphasized that it’s essential for things to start moving quickly, or else there’s a strong possibility it could transform into an as-yet undetermined situation.
If half-mast flags don’t return to their full position within six weeks, they should raise red flags. Similarly, the flag associated with XRP needs to start moving actively soon; otherwise, it may change into something else that we haven’t determined yet. However, if things go as planned, a market cap of $500 billion becomes a possibility.
— Peter Brandt (@PeterLBrandt) January 6, 2025
Over the past seven days, Ripple (XRP) has experienced a significant surge of over 15%, placing it as the third-largest cryptocurrency by market capitalization. With a market value of approximately $139 billion, XRP surpasses Tether’s market cap which stands at around $137.5 billion.
The continuous growth in the cryptocurrency market is largely due to high hopes for a more welcoming regulatory landscape under President-elect Donald Trump. Expected policy changes, such as creating a strategic Bitcoin reserve and appointing Paul Atkins as chair of the SEC, have significantly increased investor trust.
Moreover, the authorization of trading ETFs for bitcoin spots at the beginning of last year has facilitated easier access to these digital assets, thereby fueling their growing popularity and market expansion.
Trump’s positive views on cryptocurrencies have sparked discussions about the potential upcoming launch of an Exchange Traded Fund (ETF) focused on XRP. Multiple companies, such as Bitwise, Canary Capital, WisdomTree, and 21Shares, have filed applications for spot XRP ETFs. Ripple’s CEO, Brad Garlinghouse, has hinted that a fund like this is simply a matter of time.
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2025-01-07 20:17