Renowned trading expert Peter L. Brandt, with decades of experience in the financial markets, has highlighted a significant bullish formation on the XRP/USD chart. The potential breakout could drive XRP to new heights.
The “Half Mast Flag” Pattern
On December 17, Peter Brandt shared an analysis of the XRP/USD trading pair, identifying a “Half Mast Flag” pattern. According to Brandt, this pattern often signals that an asset is gearing for an upward move, with the potential price increase matching the initial advance leading to the flag’s formation.
The “Half Mast Flag” typically occurs when an asset’s price experiences a sharp move, followed by consolidation before resuming its upward trajectory. If this pattern completes as expected, XRP could be set for a significant price surge.
Brandt’s observation has drawn agreement from various market commentators, with some suggesting that the asset’s price could exceed $3 if the breakout materializes.
XRP @xrpusd appears to be resolving a half mast flag. If so, distance to upside should equal advance into tip of flag pic.twitter.com/Wj5c4gu5qE
— Peter Brandt (@PeterLBrandt) December 17, 2024
In parallel, crypto analyst Ali Martinez also noted bullish signals for the token. Martinez identified a “Bull Flag” formation and predicted that breaking the $2.60 resistance level could pave the way for the token to climb toward $4.
Major Transactions Linked to Binance
While technical patterns point to bullish potential, on-chain activity has also caught the attention of analysts. Recently, a massive deposit of 69.3 million XRP, valued at approximately $175.8 million, was transferred to a Binance wallet from an unidentified address, according to data from the analytics platform Bithomp.
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Before this, Whale Alert reported two large transfers involving Binance wallets. The transactions, totaling 920 million XRP—equivalent to $1.92 billion—indicate significant movements within the Binance ecosystem.
While these transfers were substantial, they remained within Binance-associated wallets, raising questions about potential strategies or preparations linked to asset price activity.
Ripple USD Stablecoin Gains Attention
Adding to the excitement around the asset, the Ripple USD (RLUSD) stablecoin officially launched on December 17. Ripple minted nearly $66 million worth of RLUSD after receiving regulatory approval from the New York State Department of Financial Services. This stablecoin is expected to enhance liquidity and expand decentralized finance (DeFi) opportunities on the XRP Ledger.
Cardano founder Charles Hoskinson also expressed enthusiasm for RLUSD, describing it as “awesome” in a recent post on X . When asked whether Cardano might adopt RLUSD, Hoskinson indicated ongoing efforts toward this goal.
As the asset consolidates near the $2.60 resistance level, the combination of technical patterns, whale activity, and ecosystem developments paints a promising picture. Breaking above the resistance could confirm the bullish formations identified by analysts, potentially driving the token toward $4 or higher.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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