The native token of the XRP Ledger has “one of the most bullish setups in crypto right now” after retesting its potential breakout zone, which means it could soon see a significant upward move to new highs.
That’s according to popular cryptocurrency analyst Ali Martinez, who noted on the microblogging platform X (formerly Twitter) that the price of XRP could see a major breakout.
XRP is at the time of writing trading at $2.573 after surging more than 8.6% over the last 24-hour period amid a wider cryptocurrency market recovery. Over the past week the cryptocurrency is up nearly 13%, having outperformed most other major digital assets.
As reported Peter Brandt, a 77-year-old trading veteran who back in January of 2017 predicted bitcoin’s 84% decline in 2018, has recently revealed that XRP is forming a bullish pattern that if completed could helped the cryptocurrency’s market cap hit $500 billion.
In a post shared on the microblogging platform X with Brandt’s over 768,000 followers, he suggested that a bullish flag formation should soon be completed for XRP, which could help it surge to a $500 billion market capitalization.
In hist post, Brand warned that if the pattern isn’t completed within six weeks it “should be viewed with great suspicion” and that it needs to “rock and roll soon, otherwise it will likely morph into something else” that is to be determined.
XRP has been benefitting from Republican candidate Donald Trump winning the U.S. elections in November, as Trump’s pro-crypto stance has seen many speculate that XRP could soon see the launch of a spot ETF offering exposure to it.
Several companies have already filed for spot XRP ETFs, including Bitwise, Canary Capital, WisdomTree, and 21Shares. Ripple’s CEO Brad Garlinghouse has suggested such a fund is “just inevitable.”
Featured image via Pexels.
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