Savvy chartist Peter L. Brandt, who has been in trading since 1975, has published a tweet to share that he had spotted a bullish pattern, the “Half Mast Flag,” on an XRP/USD chart.
Brandt reveals bullish XRP pattern
Peter Brandt tweeted that the XRP/USD pair currently seems to be forming a Half Mast Flag. If this is true and this pattern completes, he says, then “distance to upside should equal advance into tip of flag,” as regularly happens when this pattern plays out. “Half Mast Flag” implies that an asset’s price first drops significantly before going up, but not necessarily.
XRP @xrpusd appears to be resolving a half mast flag. If so, distance to upside should equal advance into tip of flag pic.twitter.com/Wj5c4gu5qE
— Peter Brandt (@PeterLBrandt) December 17, 2024
Many commentators agreed with Brandt about XRP being on the verge of a breakout if it completes this pattern. Some assumed that the price may go far beyond $3 per XRP.
Meanwhile, crypto analyst Ali Martinez has also published a tweet, saying that XRP has been consolidating within a “Bull Flag” pattern. He believes that as soon as the fourth largest cryptocurrency, XRP, breaks above the $2.60 resistance, it may head off toward the $4 level.
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69 million XRP deposit goes to Binance
As covered by U.Today earlier, the world’s largest cryptocurrency exchange, Binance, had witnessed a large deposit of 69,300,000 XRP entering one of its wallets from an unknown blockchain address. That crypto deposit was equal to $175,875,867.
Details revealed by the Bithomp analytics platform focused on XRP say that the anonymous wallet was linked to Binance.
Besides, before that transaction, Whale Alert had spotted two massive transfers of 800,000,000 XRP and 120,000,000 XRP leaving Binance. Those XRP lumps constituted the equivalent of $1.92 billion in fiat. Still, the withdrawals were also sent to wallets related to Binance, according to the same XRP-focused source.
Cardano founder praises RLUSD
In a recent X post, Cardano founder Charles Hoskinson stated that “RLUSD is awesome.” In response to a request from a Cardano enthusiast as to whether Cardano can get RLUSD, Hoskinson said: “Working on it.”
Today, Dec. 17, is the date of the official launch of the Ripple USD stablecoin announced by the company earlier this week. In preparation for that and after receiving official approval from the New York State Department of Financial Services advisory board, the Ripple Treasury has minted almost $66 million in RLUSD.
