XRP has been treading on a descending resistance in the daily chart. However, veteran trader Peter Brandt has noticed a familiar pattern forming
Veteran trader Peter Brandt has observed a half-mast flag pattern on XRP's weekly chart, indicating a potential breakout. If the breakout is bullish, XRP could rally to $6.40, achieving a market cap of over $502 billion. However, if the breakout occurs slowly, XRP's valuation could drop to $28 billion.
Another trader, Ali Martinez, highlights a positive SuperTrend indicator on XRP's 12-hour chart, suggesting a potential price increase of over 470%.
Several events could contribute to XRP's bullish momentum, including the launch of Ripple USD (RLUSD) and crypto-friendly developments in the US, such as Donald Trump's presidency and Paul Atkins's role at the SEC.
Grayscale has categorized XRP as a store of value due to its hard-capped supply, inflation transparency, and immutability.
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