Veteran trader and XRP critic Peter Brandt is expecting an XRP upsurge to a new all-time high, citing a half-mast flag pattern on the daily charts.

Peter Brandt, a long-time XRP critic, is now bullish. Following XRP’s strong rally in November, Brandt suggests the asset is forming a half-mast flag pattern. This continuation structure points to a potential price surge, with Brandt forecasting a move toward $4.6.  

XRP Forms a Half-Mast Flag Pattern

In his recent analysis, Brandt discussed the half-mast flag structure on XRP’s daily chart. Notably, this pattern occurred during XRP’s strong uptrend from late November.

Particularly, following a six-day consolidation that began on Nov. 23, XRP eventually staged a breakout on Nov. 27, rallying from the $1.5 level to a new seven-year peak of $2.9 by Dec. 3. This impressive upsurge created the flagpole. 

Following this move, XRP entered a brief consolidation phase in December as it faced resistance at the $2.9 level. Price action formed a descending channel, which featured lower highs and lower lows and formed the flag. Notably, this flag represents a period where traders pause to assess the market direction.  

Interestingly, XRP broke out above the upper boundary of the flag on Dec. 14 after it closed the day around the $2.4 level. This breakout signals the potential continuation of the original uptrend. Since then, the asset has stayed above the boundary, looking to establish it as support.

According to Brandt, the half-mast flag pattern predicts that the next upward move will mirror the height of the flagpole. Notably, the flagpole height, measured from the rally’s starting point at $1.50 to its peak of $2.9 represents a 93% upsurge.

This rate becomes the basis for XRP’s next move. For context, XRP’s breakout occurred around the $2.4 region on Dec. 14. If the altcoin replicates the 93% rally from the $2.4 level, this will lead to a price of $4.63 for XRP, marking a new all-time high.  

What’s Next for XRP?

However, for XRP to achieve this bullish target, it must maintain the breakout above $2.4. This level, which previously acted as resistance, now serves as a major support zone. A retest of this level without falling back inside the flag would confirm the breakout’s strength.  

If momentum continues, XRP’s next resistance lies around $2.9, the previous high from the November rally. Clearing this level would open the door for a surge to $4.63. However, a failed breakout, where XRP drops back below $2.4, could invalidate the flag pattern and delay further upside.  

Interestingly, another analyst CryptoInsightUK recently suggested that XRP could trade at $5 by Christmas day. Analyst Ali Martinez also insists a rally above $4 is a certainty. XRP currently changes hands at $2.66, up 11.59% in the past 24 hours amid the launch of Ripple’s stablecoin RLUSD. 

A market expert believes XRP has the potential to breach its 2021 all-time high if it can clear a major technical hurdle.

Over the past few weeks, XRP has stolen the crypto spotlight, mounting a blistering 300% price surge to seven-year highs. But this rally now appears to be slowing, raising the question of whether the asset can continue.

One prominent analyst has suggested that the answer is in the affirmative, but the asset has at least one hurdle to overcome first.

XRP to $4?

Prominent crypto analyst Ali Martinez has suggested that XRP’s price still has room to grow. In an X post on Tuesday, December 17, the analyst asserted that the asset was heading toward the $4 price point, representing an over 50% increase from current prices of around $2.6.

However, according to Martinez, there is one condition for this trajectory to be confirmed: XRP has to break the price resistance at $2.6.

As highlighted in the four-hour candle chart shared by the analyst, the price level has served as a wall to XRP’s price in the past week after it broke out a bull flag pattern it entered after surging to $2.9 on December 3.

Interestingly, XRP whales may already be mustering the demand needed to break this wall.

XRP Whales Load Up

Amid XRP’s recent price correction, whales are loading up. On Monday, December 16, Ali Martinez shared Santiment Feed data suggesting that this class of investors had purchased a staggering 830 million XRP worth nearly $2.2 billion in the past 24 hours.

The purchases appear to line up with Ripple’s announcement of the Tuesday, December 17 launch of RLUSD. The stablecoin has been tipped to bolster liquidity and DeFi activity on the XRP Ledger (XRPL) in what many see as a likely boon to XRP’s price.

Notable market analysts continue to emphasize that XRP remains in a strong uptrend, countering views that suggest a potential breakdown to $0.5.

In a post on X, analyst Dom discussed XRP from a higher time frame perspective, sharing a historical chart highlighting its peak rallies in the last two market cycles. According to Dom, the chart formation indicates that the asset “wants higher.”

XRP Current Setup Is “Far More Bullish”

Dom noted that XRP’s current structure is different from its past peaks. He pointed out that in the 2017/2018 cycle, XRP had ten daily closes above $2 before reaching its all-time high, while in the 2020/2021 cycle, there were no closes above $2 before the peak.

In contrast, Dom believes the current pattern suggests a higher value for XRP, as it has already seen 13 daily closes above $2. With XRP’s ongoing consolidation in the $2 range, Dom urged holders to remain patient, suggesting there’s still more room for upside potential.

Commenting on the analysis, technical analyst “Chating Guy” pointed out that some market observers have drawn bearish conclusions from XRP’s historical patterns. However, he argued that anyone with a basic understanding of technical analysis would recognize that XRP’s current pattern is “far more bullish” than the possibility of a drop to $0.50, as some critics have suggested.

The Foundation Behind Calls for a $0.50 XRP Crash

Critics who predict a bearish outcome for XRP often focus on the trend of lower lows following the asset’s previous peaks in 2018 and 2021.

For instance, after XRP hit $3.84 in January 2018, it fell to $1 within two weeks. By February of that year, it was trading below $1. Similarly, after reaching $1.96 in April 2021, XRP traded around $0.80 just four weeks later.

Based on this historical trend, critics have warned market participants to take profits and exit the XRP market, with some projecting a crash to $0.50. However, this scenario has yet to materialize. Even though XRP lost some momentum after reaching $2.865 two weeks ago, it has remained in the $2 range.

XRP Bull Run Gaining Momentum

At press time, XRP is experiencing a renewed surge, gaining over 14% today and trading at $2.71. Analysts believe that once the bull run picks up, XRP could rise to $4.50 before losing momentum again.