Peter Brandt, a 77-year-old trading veteran who back in January of 2017 predicted bitcoin’s 84% decline in 2018, has recently revealed that XRP is forming a bullish pattern that if completed could helped the cryptocurrency’s market cap hit $500 billion.
In a post shared on the microblogging platform X with Brandt’s over 768,000 followers, he suggested that a bullish flag formation should soon be completed for XRP, which could help it surge to a $500 billion market capitalization.
In hist post, Brand warned that if the pattern isn’t completed within six weeks it “should be viewed with great suspicion” and that it needs to “rock and roll soon, otherwise it will likely morph into something else” that is to be determined.
Half mast flags should complete within six weeks, otherwise they should be viewed with great suspicion. This flag in $XRP needs to rock and roll soon, otherwise it will likely morph into something else TBD. But if it completes, then market cap of $500 B is possible pic.twitter.com/c7BHqnQFkP
— Peter Brandt (@PeterLBrandt) January 6, 2025
XRP is notably up more than 15% over the past week and is the third-largest digital asset by market capitalization with a $139 billion market cap, above Tether’s $137.5 billion market cap.
The cryptocurrency market’s ongoing surge has been largely attributed to expectations of a more crypto-friendly regulatory environment under President-elect Donald Trump. Anticipated policy shifts, including the establishment of a strategic Bitcoin reserve and the appointment of Paul Atkins as head of the SEC, have boosted investor confidence.
Additionally, the approval of spot bitcoin exchange-traded funds early last year has made digital assets more accessible, further contributing to the market’s upward momentum.
Trump’s pro-crypto stance has seen many speculate that XRP could soon see the launch of a spot ETF offering exposure to it. Several companies have already filed for spot XRP ETFs, including Bitwise, Canary Capital, WisdomTree, and 21Shares. Ripple’s CEO Brad Garlinghouse has suggested such a fund is “just inevitable.”
Featured image via Unsplash.
