Popular expert trading Peter L. Brandt has observed a bullish trend on the XRP/USD chart, indicating the possibility of a breakout that could see the price of XRP ascending to unprecedented heights.
This comes days after he described the XRP/USD chart as “the most powerful in all of crypto world.” XRP is the world’s fourth-largest crypto by market capitalization.
XRP’s “Half Mast Flag” Pattern
On Tuesday, December 17 2024, Peter Brandt took to X to share a chart and a brief analysis of the XRP/USD trading pair, and pointed out that XRP seems to be going through a “Half Mast Flag.”
A “Half Mast Flag” scenario typically plays out when the price of a crypto asset price moves up sharply before being followed by a consolidation and then continuing its upward movement.
Should Brandt’s observation become reality as expected, then there could be a significant price increase for XRP in the days ahead. Brandt has predicted a price of around $4.6 for the coin.
Many analysts concur with Brandt’s bullish sentiment about the immediate future of XRP. For example, recently, Ali Martinez, a top crypto analyst and investor, offered some technical analysis about the price of XRP. His analysis indicates a bull flag pattern for the coin.
Martinez is of the view that XRP will continue its upward momentum if it manages to overcome its critical $2.60 resistance level. Should this occur, he forecasts that XRP could “be off to the races,” and that a price of $4 price is possible.
According to CoinMarketCap, the coin’s price as of early December 19 2024 was $2.38.
69.3 million XRP Moved To A Binance Wallet
As the bullish sentiment about the XRP coin heightens, recent reports reveal a 69.3 million XRP (roughly $175.8 million) deposit to a wallet under the Binance platform by an anonymous address.
However, Bithomp, an analytics company focussed on XRP has since clarified that the transaction is internal, noting that the anonymous wallet through which the transfer was made is Binance-owned. Binance is the largest cryptocurrency exchange in the world.
Prior to this, a couple of huge Binance wallet transfers were also reported by WhaleAlert. Both transfers amounted to 920 million XRP (around $1.92 billion).
These significant XRP transfers in Binance’s ecosystem have led to questions about whether they are part of preparations or potential strategies related to asset price activity.
Meanwhile, the excitement building around the XRP coin has received an extra boost with the official launch of the Ripple USD (RLUSD) stablecoin on December 17.
Ripple created RLUSD coins valued at almost $66 million after it got regulatory approval from the Department of Financial Services in the US state of New York.
It is hoped that the new stablecoin will bring about improved liquidity and the expansion of DeFi opportunities on the XRP Ledger.
Charles Hoskinson, founder of Cardano recently described the RLUSD as “awesome.” When asked about the possibility of Cardano adopting the RLUSD, Hoskinson said that there were ongoing plans towards that.
