An experienced analyst and trader, Peter Brandt, has made a bold forecast regarding Ripple’s XRP market cap. He anticipates a potential surge of 262%, taking it to $500B.
Based on the current value of $2.4, the token could potentially reach $8.7, according to Brandt’s analysis, which was motivated by a bullish flag pattern.
Brandt stated, “Flags flying at half-mast should finish within six weeks; otherwise, they should be approached with caution. However, if they do complete, a $500B market cap is feasible.”
For those unfamiliar with the pattern, a breakout typically leads to a rally proportional to the flagpole’s length, potentially hitting the $500B market cap target.
Investors Holding Firm to XRP Tokens
A majority of XRP holders appear confident in the possibility of another rally, as indicated by the limited selling activity observed on centralized exchanges.
According to data from CryptoQuant, there has been no significant increase in XRP inflows to exchanges for selling purposes since the substantial surge experienced in November.
This trend implies that many investors have chosen to retain their tokens rather than engage in selling, which could have a positive impact on the altcoin’s short-term performance.
An analysis by CryptoCrypto revealed the leading exchanges with significant XRP reserves to assess the selling pressure in the XRP market. Upbit, a South Korean exchange, held the largest reserves at 6 billion XRP tokens, followed by Binance with 2.9 billion tokens.
Interestingly, Upbit’s XRP reserves have declined to a seven-month low of 6 billion tokens, indicating a trend of users withdrawing their tokens for self-custody, possibly in anticipation of a price surge for the altcoin in the near future.
If Brandt’s projection of a $500B market cap materializes, XRP could potentially surpass Ethereum in market value, marking a significant milestone for the third-largest digital asset.
Possible catalysts for this surge could include expectations for an XRP ETF and the forthcoming phase of the altcoin season in 2025.
The immediate price target for XRP appears bullish at $3.4, representing a 52% potential gain if the altcoin successfully breaks out of its triangular pattern.
Conversely, a bearish breakout would negate this optimistic outlook and drive the price towards $1.1.