The post XRP could rally 262% – What’s behind Peter Brandt’s prediction? appeared on BitcoinEthereumNews.com.

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.  Veteran price chart analyst and trader, Peter Brandt, has projected that Ripple’s [XRP] market cap could explode to $500B, translating to a potential 262% growth.  The token’s value would suggest a potential upswing to $8.7 based on the current price of $2.4. Brandt’s prediction was based on a bullish flag pattern. He said,  “Half mast flags should complete within six weeks, otherwise they should be viewed with great suspicion. But if it completes, then market cap of $500 B is possible.” Source: X For the unfamiliar, the flag pattern breakout always corresponds with a rally similar to the length of the flagpole. That target would be the $500B in market cap. Users hold their XRP tokens Most XRP holders seem strongly convinced of an additional rally, based on the low selling pressure on centralized exchanges. According to CryptoQuant, exchange inflows, which track the amount of XRP sent to exchanges to be sold, have remained flat since the massive rally in November. Source: CryptoQuant This suggests that more users opted to hold their tokens rather than sell them, which could be positive for the altcoin in the short term. AMBCrypto checked the top exchanges with the highest reserves to understand the extent of the selling pressure in XRP markets. Korean-based Upbit had the largest reserves at 6 billion XRP tokens, followed by Binance at 2.9 billion tokens. Interestingly, XRP reserves on Upbit have dropped to a seven-month low of 6 billion tokens, indicating that users withdrew their tokens from the exchange for self-custody. This implies they expect a potential price run for the altcoin in the medium term. Source: XRP reserve on Upbit, CryptoQuant The third-largest digital…

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Filed under: News - @ January 7, 2025 9:22 am