For Brandt, XRP has six weeks at most to go higher.
The price of XRP could then shoot towards $8.70.
XRP is going through a price consolidation zone, which could be interpreted as a sign that an explosive move is coming in the near term.
Since Donald Trump’s victory in the United States elections, The cryptocurrency issued by Ripple Labs skyrocketed and reached a maximum of $2.90a level that has not been recorded for more than 6 years.
XRP then experienced a bearish correction that brought its price below $2 and is now in a compression zone, where highs and lows narrow until they form a bullish pennant.
As CriptoNoticias already explained, this figure is a technical analysis indicator that is formed when the prices of a digital asset stabilize after registering a strong upward movementjust as is happening with XRP.
Typically, the resolution of the triangular figure is usually a movement in the same direction as the previous trend, that is, upward.
The XRP cryptocurrency has been one of the most prominent in this cycle and that is why the vast majority of traders are eager to know When will the bullish pennant finish forming?
Peter Brand, the veteran American trader, warned that “flags at half-mast should be ready in six weeks, otherwise they should be viewed with great suspicion.” He further said:
“This flag in XRP needs to get going soon, otherwise it will likely morph into something else that has yet to be determined. But if completed, it is possible that the market capitalization could reach $500 billion.”
Peter Brand, financial markets trader.
To argue his analysis, he shared a chart showing the weekly candles of the XRP market capitalization.
The shaded semicircle seen in the graph reflects a range of projections ranging from from a minimum of $28,135 million to $502,219 million in market capitalization.
If Brandt’s most optimistic scenario comes true, XRP price will skyrocket to $8.70.
The dotted line also represents resistance at the $165 billion market capitalization. According to this analysis, it will be key that in the next six weeks XRP may surpass the $2.88 zone.
Bullish projection for XRP
Beyond the veteran trader’s warning, the cryptocurrency Ripple Labs has enough reasons to sustain bullish sentiment.
First of all, because Ripple has just launched RLUSD, its stablecoin that maintains 1:1 parity with the US dollar and operates on the Ethereum network and on the XRP Ledger.
The latter is important because if RLUSD Increases Trading Volume on XRP Ledger, There Will Be Higher Demand for XRP for the payment of commissions. In addition to attracting more liquidity to the Ripple ecosystem, it will generate bullish momentum in the asset’s price.
On the other hand, it should be noted that the arrival of Donald Trump to the United States government and the changes in the Securities and Exchange Commission (SEC) from that country could bring good news for the firm led by Brad Garlinghouse.
Ripple is in a legal dispute with the SEC for marketing XRP on exchanges. Gary Gensler’s departure from the regulatory body could bring a favorable resolution for the XRP issuing company.
Finally, it should be mentioned that at least five companies submitted applications to issue their exchange-traded funds (ETFs) based on XRP in the United States.
If the new leadership of the SEC approves the launch of these financial products, will increase the liquidity and visibility of the asset, allowing more traditional investors to access it.
