Analyzing XRP’s Chart Patterns
Veteran trader Peter Brandt recently took to social media to share his analysis of XRP’s price movements. His insights, captured in a series of charts, may offer clues about the cryptocurrency’s future direction. Brandt’s weekly chart points to a promising bullish wedge pattern. If this formation holds, it could signify significant price growth leading into 2025. Conversely, the daily chart indicates a potential correction from a recent high of $2.728000.
Brandt emphasizes that a chart is not equivalent to an opinion, nor does an opinion necessarily reflect a trading position. This distinction is particularly important for newcomers to understand. Previously, Brandt noted the emergence of a Half Mast Flag pattern in the XRP/USD pair. If this pattern is confirmed, the potential price increase could mirror the previous advance into the flag’s tip, consistent with typical behavior for this formation. However, while such patterns often precede a major price move, they do not guarantee upward momentum.
Credible Crypto’s Bullish Insights
In a recent analysis, Credible Crypto, a well-known crypto analyst and trader, shared his optimistic outlook on XRP. According to a recent YouTube video, XRP is exhibiting one of the most bullish market structures across multiple time frames. This consistent bullish impulsive structure is clear and easily identifiable, highlighting XRP’s potential for significant price movements.
Credible Crypto frequently employs the Elliott Wave theory in his analyses, which suggests that a bullish asset typically experiences a five-wave rally followed by a three-wave correction. He projects that XRP could soar by up to 1,295% from its current level, potentially reaching new all-time highs of over $4. This anticipated surge could be part of a larger third-wave movement, ultimately driving XRP to a potential top of $5 or more. As the final, fifth wave unfolds, Credible Crypto envisions XRP reaching a blow-off top between $20 and $30.
XRP To Hit Double Digits?
Credible Crypto believes that by the time XRP enters this final fifth wave, it could achieve double-digit price levels. This phase may culminate in a blow-off top or peak between $20 and $30. Notably, XRP experienced a substantial rally in December, peaking at $2.72 on December 3. However, the price has since declined due to heightened volatility during the holiday season. Despite a brief uptick following the launch of Ripple’s RLUSD stablecoin, XRP has struggled to surpass previous highs.
As of now, XRP remains 36.3% below its all-time high from early 2018, unable to set a new record despite earlier momentum. Nonetheless, the fully diluted valuation (FDV) has surged to $216.24 billion, reinforcing confidence in XRP’s long-term potential. As market dynamics continue to evolve, traders and investors alike remain keenly interested in XRP’s future trajectory.
