Peter Brandt, a crypto trader says that XRP (an altcoin focused on payments) can experience a 3x rally if it is able to break out of a continuation bullish pattern.
He tells the 768.200 people who follow him on social media that he is keeping an eye out for the market capitalization of XRP. The analyst notes the bull flag flashing on the XRP’s cap.
Bull flags are typically seen as bullish patterns, indicating that an asset may be consolidating prior to igniting a new rally.
Says Brandt,
Half mast flags must be completed within 6 weeks or they will cause suspicion. If this flag is not rocking and rolling soon, it may morph into another TBD. If it is completed, a $500 billion market cap could be possible .”
According to the chart of a trader, XRP has entered its sixth week of consolidating inside a bear flag. This indicates that time is running out for the altcoins to finally break free of this pattern. If XRP breaks out to a market cap of $500 billion, the price would be $8.68 if supply remains unchanged.
At the time this article was written, XRP traded for $2.28 and has a $131.11 Billion market capitalization.
Brandt, when looking at Bitcoin’s daily chart, says that even though BTC flashes a bearish Head-and-Shoulder pattern, that doesn’t mean that an extreme correction is imminent.
The head-and shoulders pattern indicates that the trend is changing after an asset has failed to maintain its upward momentum.
Brandt believes that Bitcoin’s ability at $96,600 to remain above the neckline pattern may indicate its strength.
Bitcoin currently trades for $96,876.
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Sources of Images include Pixabay Creative Commons & Midjourney
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