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XRP's 'Half-Mast Flag' Pattern Signals Potential $500 Billion Market Cap If Bullish Trend Materializes
Following a remarkable 2024, where XRP’s price surged from approximately $0.50 to a peak of $2.90, the cryptocurrency has now entered a consolidation phase, currently trading at $2.31. Despite this, a significant technical pattern on the weekly chart suggests that XRP could soon experience another substantial breakout.
Half-Mast Flag Pattern Could Lead To Significant Price Increases XRP, the fourth-largest cryptocurrency with a market capitalization exceeding $134 billion at the time of writing, enjoyed a fantastic year in 2024. The price of the digital asset more than quintupled in under two months after it triumphed in a crucial lawsuit against the U.S. Securities and Exchange Commission (SEC).
In a recent post on X, experienced trader and analyst Peter Brandt shared his analysis of XRP's future price movement. He pointed out the formation of a ‘half-mast flag’ pattern on the weekly chart, suggesting that if the pattern resolves in a bullish direction, XRP could reach new all-time highs. Brandt explained:
“Half-mast flags typically complete within six weeks; otherwise, they should be approached with caution. This pattern with XRP must show movement soon, or it may transform into something else. However, if it completes, a $500 billion market cap is achievable.”
For those unfamiliar, a half-mast flag is a continuation pattern in trading, where the price experiences a sharp upward movement followed by a brief, shallow pullback that forms a flag-like shape, typically moving against the dominant trend. Once the price breaks out of this consolidation phase, it often signals a resumption of the upward trend, potentially leading to higher prices. Brandt believes that if XRP completes this pattern in a bullish direction, its market cap could soar to $500 billion.
If XRP reaches this market cap, it would surpass Ethereum (ETH), which currently holds a market cap of around $416 billion, making XRP the second-largest cryptocurrency by market capitalization.
However, a bearish outcome for the half-mast flag could lead to a price drop, potentially bringing XRP’s market cap down to about $28 billion, reverting to previous lows.
XRP Set For Significant Growth Meanwhile, crypto analyst Mikybull has outlined several price targets for XRP on the daily chart using Fibonacci extension levels. Mikybull forecasts an imminent breakout for XRP, with targets that could see the price rise as high as $3.74.