- Peter Brandt projected that XRP’s market cap could soar to $500B.
- Selling pressure on exchanges has remained low, signaling the expectation of a rally.
Experienced market analyst and dealer, Peter Brandt, anticipates that the market capitalization of Ripple‘s digital token, XRP, might surge to an astounding $500 billion. This forecast could lead to a substantial increase of approximately 262%.
According to Brandt’s analysis, the token’s price could possibly rise to around $8.7 given its current value of $2.4. This prediction is derived from a bullish flag pattern he identified.
“Flags at half-mast ought to be restored within six weeks; if not, they should arouse significant doubt. However, if the restoration is successful, a market capitalization of $500 billion could be achievable.
As a analyst, I’d like to explain that for those who might not be familiar, the “flag pattern breakout” typically triggers a rally that’s roughly equivalent to the height of the ‘flagpole.’ In our case, this would translate to a potential market capitalization of $500 billion.
Users hold their XRP tokens
It appears that many XRP holders are confidently expecting another price surge, as there’s relatively little urgency to sell on centralized platforms.
As reported by CryptoQuant, the flow of XRP going to exchanges for selling has stayed steady since the significant surge in November.
It implies that a higher number of users chose to keep their tokens instead of trading them, potentially benefiting the altcoin in the immediate future.
To gauge the intensity of selling in XRP markets, AMBCrypto examined the leading exchanges with the most significant token holdings. Notably, South Korea’s Upbit held the highest amount at approximately 6 billion XRP tokens, closely trailed by Binance with around 2.9 billion tokens.
As a researcher, I find it intriguing to note that the reserves of XRP on Upbit have dipped to a seven-month low of 6 billion tokens. This suggests that users are withdrawing their tokens from the exchange and opting for self-custody, possibly implying they anticipate a price surge for XRP in the near future.
If the predicted market capitalization of $500 billion for the third-largest digital asset becomes reality, there might be an unexpected surge in its price. In this scenario, XRP could potentially overtake Ethereum‘s position.
Potential driving factors might include anticipation for an XRP-based ETF and the predicted upcoming surge of altcoins, which is tentatively scheduled for 2025.
Read Ripple [XRP] Price Prediction 2025-2026
For XRP, there’s a possibility that it might surge towards $3.4, which would symbolize a potential increase of approximately 52%, given that the cryptocurrency manages to break free from its current triangle formation.
Conversely, a bearish breakout would invalidate this outlook and drag the price towards $1.1.
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2025-01-07 12:07