Veteran trader says XRP market capitalization ‘possible’ to hit $500 billion in six weeks.

XRP (XRP) price is attempting to close the daily candle above the descending resistance trend line that previously limited the altcoin’s price action.

A consecutive break of the trend line and resistance between $2.48 and $2.60 would be a strong signal of strength and could potentially lead to a break above $2.72.

XRP half-mast flag suggests 260% gains ahead.

Likewise, one market analyst believes XRP is poised for a major breakout in the coming weeks, but timing will be important.

In a recent

Related: XRP Price Chart ‘Bull Flag’ Targets $15 Due to Increased Open Interest.

The half-mast flag is a neutral pattern that can lead to bullish or bearish outcomes. A half-mast period is considered a sideways move in the middle of a trend before it continues.

As you can see from the chart, Brandt says that if the pattern is strong, XRP’s market capitalization could reach $500 billion. This is a profit of 262% or a target price of $6.40. But the merchant warns.

“This flag for $XRP needs to get waved and rolled soon or it will likely turn into something else. TBD.”

Likewise, cryptocurrency trader Mikybull also noted that an XRP breakout is “imminent” as the altcoin has formed a bullish pattern on the 1-day chart. Based on the Fibonacci extension, the trader set an immediate target of $3.74.

However, given the height of the flagpole, the long-term target could be as high as $15, which would represent a 514% increase over XRP’s current value.

XRP price “could quickly move above $2.45”

XRP will need to clear the current resistance range of $2.48-$2.60 to reach a bullish price target such as $3.74-$6.40 over the next few weeks.

This range capped the price action three times towards $2.60, with a liquidity sweep just above the December 17 upper resistance line.

So, even if the XRP price is in a good position for a bounce, Brandt’s warning should be heeded as a collapse is also possible if this resistance remains intact.

Related: Price Analysis 1/06: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, AVAX

Order flow market analyst Dom says XRP has been in the mid-range for six weeks with a point of control (POC) around $2.45 based on the Volume Weighted Average Price (VWAP) indicator. He noted:

The profile is starting to look very balanced, indicating that it is about to break. Any dip in the orange VWAP band will place a bid for full acceptance above $2.45 and things will start to move quickly.

But first, the XRP bulls need to secure a daily closing price of $2.45 or higher to break the $2.60 target. This will directly deliver on the stated price targets of $3.74 and $6.40 for the coming weeks.

This article is written for general information purposes and should not be considered legal or investment advice. The views, thoughts and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.