Veteran trader Peter Brandt has nodded to XRP upward trajectory, identifying a bullish pattern and possible targets amid an imminent breakout.
The XRP ecosystem is oozing bullishness amid strong macroeconomic factors. Grayscale’s latest entrant into the XRP exchange-traded fund (ETF) race echoes the growing institutional traction toward the third-largest cryptocurrency by market cap while raising optimism about the product’s approval.
XRP reacted positively to the latest development, rallying to an intraday high of $3.1553 before a steep price recline. Notwithstanding, market expert Peter Brandt suggested in his recent analysis that it could be all the way up for XRP from here.
XRP Steadies Within Bullish Flag Pattern
While acknowledging that he could care less about what XRP does from here, Brandt mentioned he would love to be long if the asset continues its scintillating run of form. Furthermore, he attested to the technically bullish price action on the XRP chart, insinuating higher prices.
Brandt highlighted the flag pattern on the XRP 1D chart, which the asset looks set to break from. Although he inferred the structure was bullish, he noted it could change over time.
The accompanying chart indicates the price target following the imminent breakout. XRP will swing to two unprecedented prices, including a 15% and 43% rally from the current market price to $3.5487 and $4.3954, respectively.
The analysis comes on the heels of Brandt’s earlier assertion that XRP will hit $4.6. He cited a half-mast flag formation on the asset’s chart and predicted that the pattern’s targeted flagpole height would culminate in the price mark.
Bull Flag Confirmation
Meanwhile, other analyses confirm the formation of a bull flag on the XRP price chart. Market analyst “Disrupt Yourself” showed the structure formation on the asset’s 3-hour timeframe, speculating a surge to $3.9 upon breakout.
Cryptodanovic also confirmed the bullish pattern. In an X post, he noted that XRP traded between the price structure, asserting an upswing to $4.8 when the asset breaches the pattern.
In the meantime, XRP trades at $3.0769, down almost 2% in the past 24 hours.
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