Veteran Trader Peter Brandt’s Analysis
In a recent update shared on social media, veteran trader Peter Brandt has offered a detailed analysis of XRP’s potential future price movements. He presented two significant charts that could provide clues about XRP’s trajectory. One of these is a weekly chart displaying a bullish wedge pattern, which, if confirmed, might indicate potential price growth extending into 2025.
Conversely, Brandt’s daily chart analysis suggests a possible correction from the local peak of $2.728000. He has previously mentioned that the XRP/USD pair appears to be forming a Half Mast Flag. This pattern, if completed, could suggest that the potential upside might mirror the prior advance to the tip of the flag, a common characteristic of this pattern. However, while this pattern often signals substantial price movements following a drop, it does not guarantee upward momentum.
Credible Crypto’s Bullish Insights
Adding another layer of analysis, Credible Crypto, a respected crypto analyst and trader, shared his insights on XRP’s market structure in a recent YouTube video. According to him, XRP is currently showing one of the most bullish market structures within the cryptocurrency space. The coin is demonstrating a clear bullish impulsive structure across various time frames, which is easily identifiable.
Credible Crypto utilizes the Elliott Wave theory in his technical analysis and notes that XRP could surge by up to 1,295% from its current level. The Elliott Wave theory suggests that a bullish asset undergoes a five-wave rally followed by a three-wave correction. Credible Crypto believes that XRP is on the brink of an upward impulse, potentially achieving a price of $4 or more, setting new all-time highs. He speculates that this movement could be part of a larger third-wave move, potentially driving XRP to $5 or higher. As the final fifth wave unfolds, he anticipates XRP could soar to a peak of $20 to $30.
XRP To Hit Double Digits?
Credible Crypto forecasts that by the time XRP embarks on its final fifth wave, it might reach double-digit prices. He envisions this wave culminating in a blow-off top, potentially ranging from $20 to $30. Despite a notable rally in December, where XRP peaked at $2.72, the cryptocurrency has experienced a steady decline amid heightened volatility during the holiday season.
Although the launch of Ripple’s RLUSD stablecoin briefly boosted XRP, it wasn’t sufficient to propel the cryptocurrency to new heights. Currently, XRP is trading 36.3% below its all-time high from early 2018 and has not achieved a new record despite previous momentum. Nevertheless, the fully diluted valuation (FDV) has risen to $216.24 billion, bolstering confidence in XRP’s long-term potential.
