XRP (XRP) price is attempting to close the daily candle above the descending resistance line that has been capping the altcoin’s price action.
XRP 1-day chart. Source: TinTucBitcoin/TradingView
Consecutive breaks above the resistance and resistance range between $2.48 and $2.60 would be a strong signal from the bulls, which could lead to a breakout above $2.72.
XRP Half-Main Flag Hints at 260% Surge Ahead
Similarly, one market analyst believes that XRP is poised for a major breakout in the coming weeks, but timing is key.
In a recent post on X, veteran trader Peter Brandt explained that XRP’s half-mast flag on the weekly chart should complete in the next six weeks.
A half-column flag is a neutral pattern that can lead to either a bullish or bearish outcome. The half-column phase is considered a correction in the middle of a trend before continuation.
XRP Analysis by Peter Brandt. Source: X.com
As illustrated in the chart, Brandt said XRP's market capitalization could reach $500 billion if the pattern completes bullishly. That would mean a 262% gain or a target price of $6.40. However, the trader cautioned,
“This flag in $XRP needs to move fast or it will turn into something else TBD.”
Similarly, Mikybull, a cryptocurrency trader, also mentioned that a breakout of XRP is “imminent,” as the altcoin has formed a bullish flag pattern on the 1-day chart. Based on Fibonacci extension lines, the trader outlined an immediate target of $3.74.
However, the long-term target could be as high as $15 considering the height of the flagpole, which represents a 514% increase from XRP's current value.
XRP Price Could “Move Quickly Above $2.45”
XRP needs to clear the current resistance range between $2.48 and $2.60 to reach upside price targets like $3.74 and $6.40 in the coming weeks.
This range has capped price action at $2.60 three times, with a liquidity sweep just above the upper resistance on December 17.
XRP 4-hour chart. Source: TinTucBitcoin/TradingView
So, while XRP price is well-positioned for a rally, Brandt’s warning should be heeded, as a breakout could occur if this resistance persists.
Dom, an order flow market analyst, said XRP has been stuck in the middle range for six weeks with a point of control (POC) of around $2.45 based on the Volume Weighted Average Price (VWAP) indicator. He noted:
“The profile is starting to look very balanced, suggesting a breakout is imminent. Any dip into the orange VWAP bands, I’ll be placing a buy order. Full acceptance above $2.45 and things are likely to start moving quickly.”
XRP command line analysis by Dom. Source: X.com
But first, XRP bulls need to secure a daily close above $2.45 to clear the $2.60 target. This would directly bring the aforementioned price targets of $3.74 and $6.40 into play in the coming weeks.
