XRP Market Cap Could Reach $500B, Predicts Peter Brandt
Renowned price chart analyst and trader Peter Brandt has made a bold prediction that Ripple’s (XRP) market capitalization could skyrocket to $500 billion, representing a potential 262% growth. This projection is based on a bullish flag pattern, which suggests that the token’s value could surge to $8.7, up from its current price of $2.4.
Low Selling Pressure on Exchanges Fuels Rally Expectations
The low selling pressure on centralized exchanges is a key indicator that XRP holders are optimistic about a potential rally. According to CryptoQuant, exchange inflows, which track the amount of XRP sent to exchanges for sale, have remained flat since the massive rally in November. This suggests that users are choosing to hold their tokens rather than sell them, which could be a positive sign for the altcoin in the short term.
XRP Reserves on Exchanges Decline
A closer look at the top exchanges with the highest XRP reserves reveals that users are withdrawing their tokens for self-custody. Korean-based Upbit, which has the largest reserves, has seen its XRP reserves drop to a seven-month low of 6 billion tokens. This decline in reserves indicates that users are expecting a potential price run for the altcoin in the medium term.
Potential Catalysts for a Surprise Rally
Several factors could contribute to a surprise rally for XRP, including expectations of an XRP ETF and the next phase of the altcoin season in 2025. If Brandt’s projection of a $500 billion market cap plays out, XRP could potentially flip Ethereum (ETH), becoming the second-largest digital asset by market capitalization.
Immediate Price Targets for XRP
In the short term, the immediate bullish target for XRP could be $3.4, representing a 52% potential gain if the altcoin breaks above its triangle pattern. Conversely, a bearish breakout would invalidate this outlook and drag the price towards $1.1.
Conclusion
Peter Brandt’s prediction of a $500 billion market capitalization for XRP has sparked optimism among holders and investors. With low selling pressure on exchanges and declining XRP reserves, the stage is set for a potential rally. While the immediate price targets are promising, the long-term outlook will depend on various factors, including the altcoin season and regulatory developments.
Source: Ambcrypto.com
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