- Veteran Trader Peter Brandt has identified a “Half Mast Flag” pattern on the XRP/USD chart, signaling a potential bullish breakout that could drive XRP’s price above $3.
- Major whale transactions and Ripple’s USD stablecoin launch signal potential upward momentum for the token’s value.
Renowned trading expert Peter L. Brandt, known for his decades-long expertise in financial markets, has drawn attention to a bullish formation on the XRP/USD chart. Brandt’s analysis suggests a potential breakout, possibly driving XRP to new all-time highs.
The “Half Mast Flag” Pattern
On December 17, Via a post on the X platform, Brandt identified a “Half Mast Flag” pattern on the XRP/USD trading pair. This technical formation typically indicates that an asset’s price is preparing for a strong upward movement. The pattern involves a sharp price increase, a period of consolidation forming the “flag,” and a subsequent upward continuation.
Brandt highlighted that, if this pattern materializes, the asset’s price surge could mirror the initial advance leading to the flag’s formation. Such a breakout might propel XRP beyond its historical highs, with some market commentators speculating that the token could surpass $3.
In addition to Brandt’s observations, crypto analyst Ali Martinez has also pointed to bullish signals for XRP. Martinez identified a “Bull Flag” formation and stated that breaking the critical $2.60 resistance level could open the path for XRP to climb toward $4. This confluence of bullish technical patterns has further bolstered market confidence.
Beyond technical analysis, significant on-chain activity has raised intrigue. Recent data from analytics platform Bithomp revealed a massive deposit of 69.3 million XRP, valued at approximately $175.8 million, to a Binance wallet from an unknown address.
Additionally, Whale Alert documented two major transfers involving Binance wallets, amounting to a staggering 920 million XRP, equivalent to $1.92 billion. While these transactions remained within Binance’s ecosystem, their timing and size have prompted speculation about potential strategies linked to upcoming market moves.
Further fueling the XRP ecosystem’s momentum, Ripple officially launched its USD stablecoin RLUSD on December 17. With $66 million worth of RLUSD minted following regulatory approval from the New York State Department of Financial Services, this stablecoin aims to enhance liquidity and bolster decentralized finance (DeFi) applications on the XRP Ledger.
Cardano founder Charles Hoskinson has also expressed enthusiasm for RLUSD, describing it as “awesome” in a recent X post. Hoskinson hinted at ongoing efforts to integrate RLUSD within the Cardano ecosystem, underscoring its potential as a game-changer.
XRP’s Road Ahead
As XRP consolidates near the $2.60 resistance level, the convergence of bullish technical patterns, substantial whale activity, and ecosystem advancements paints an optimistic outlook. A decisive break above this level could validate the bullish formations identified by Brandt and Martinez, potentially setting the stage for XRP to target $4 or beyond.
Meanwhile, XRP is at the time of writing exchanging hands with $2.16 after a 9.35% decline in the past 24 hours.
