Peter Brandt Highlights Bullish Wedge Pattern
Veteran trader Peter Brandt, in a recent X post, shared two charts that may indicate XRP's potential next moves. Specifically, Brandt shared a weekly chart showing a bullish wedge pattern. If confirmed, the projection shows price growth through 2025. However, the daily chart suggests a correction from the area high at $2.728000.
Previously, Peter Brandt said the XRP/USD pair seems to be forming a half-mast flag at the moment. If this pattern is complete, Brandt suggests, “the distance to the flip should be equal to the tip of the flag.”
He also pointed out that this establishment can match the progress towards the top of the flag as usual. While it often indicates a significant price move after a dip, it doesn't always guarantee an uptrend.
Trusted Crypto's Bullish Insights
Recently, Credible Crypto, a crypto analyst and trader shared in a recent YouTube video that XRP has the largest market structure in crypto based on its charts.
XRP is one of the few coins currently printing a very clear bullish structure on lower time frames, higher time frames, on each time frame. And it can be easily separated cleanly,” he said.
“What we're seeing here on XRP is that very clean price action, which shows a sudden price movement,” he added.
The analyst regularly applies the Elliott Wave theory in his technical analysis, and suggests that XRP may explode up to 1,295% from the current level. Specifically, in technical analysis, the Elliott Wave Theory suggests that a bullish asset will witness a five-wave pattern before a correction occurs in a three-wave pattern.
Credibility believes XRP is preparing for an upward push, potentially reaching $4+ and a new all-time high. It suggests that it could be part of a larger third wave movement that could eventually push XRP to $5+. As the last fifth wave progresses, the credible XRP may reach the peak of $20 to $30.
XRP to hit double digits?
“As we prepare for this final fifth wave, I think we'll hit double digits at that point. And this fifth wave will take us to the top of the breakout or the bottom of the $20 to $30 range,” he said.
In particular, XRP saw a notable rally in December when it reached an all-time high of 2.72 on December 3rd. However, the price of XRP has gradually declined due to increased volatility this holiday season. A brief rally followed the launch of Ripple's RLUSD stablecoin, but it wasn't enough to take XRP to new highs.
XRP is currently 36.3% below its high since the beginning of 2018, despite its early momentum, it failed to set a new record in December. However, the Fully Diluted Value (FDV) rose to $216.24 billion, reinforcing confidence in XRP's long-term potential.
