XRP market cap $500B ‘possible’ in 6 weeks, says veteran trader

XRP (XRP) price is attempting to close a daily candle above the downtrend resistance that previously held the altcoin's price action.

A series of breaks above the trendline and the resistance range between $2.48 and $2.60 would be a strong signal from the bulls, which could lead to a move above $2.72.

XRP's half-mast flag indicates a 260% future

Similarly, one market analyst believes that XRP is poised for a major crash in the next few weeks, but time will be of the essence.

In a recent X post, veteran trader Peter Brandt explained that XRP's half-mast flag on the weekly chart should be completed within the next six weeks.

Related: XRP Price Chart ‘Bull Flag' Targets $15 Open Interest Rising

A half-mast flag is a neutral design that can lead to a bullish or depressing effect. A half-mast period is considered a consolidation in the middle of a trend before it continues.

As indicated in the chart, Brant could see XRP's market cap reach $500 billion if the pattern is fully completed. That's a 262% gain or a $6.40 price target. Although the merchant warns.

“This flag in $XRP needs to shake and roll soon, or it could turn into something else TBD.”

Similarly, Mikibool, a crypto trader, also mentioned that the XRP breakout is “imminent” as the altcoin has formed a bullish flag pattern on the 1-day chart. Based on the Fibonacci extension lines, the trader immediately set a target of $3.74.

However, the long-term target could be as high as $15 if the flagpole height is taken into account, which is a 514% increase from the current price of XRP.

XRP Price “Could Move Quickly Above $2.45”

In the next few weeks, XRP needs to clear the resistance level between $2.48 and $2.60 to reach higher price targets like $3.74 and $6.40.

This range tripled the price action at $2.60, just a liquid sweep from the high resistance on December 17th.

So, even though XRP price is well positioned for a rally, Brandt's warning should be heeded, as it could also break down if this resistance remains in place.

Related: Price Analysis 1/06: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, AVAX

Dom, an order flow market analyst, said XRP has been stuck in the middle range for six weeks at the point of control (POC) around $2.45 in the volume weighted average price (VWAP) measure. He noted:

The profile is starting to look very balanced break soon I'm betting any dip into the orange VWAP bands above $2.45 will be fully accepted long term and things will start to move quickly.

But first, XRP bulls should wait for a daily close above $2.45 to break the $2.60 target. This directly brings into play the price targets of $3.74 and $6.40 mentioned in the coming weeks.

This article is not intended for general information purposes and should not be construed as legal or investment advice. The views, ideas and opinions expressed herein are solely those of the author and do not necessarily represent the views and opinions of Cointelegraph.