- The SuperTrend indicator on the 12-hour XRP chart has turned bullish.
- The last time SuperTrend turned bullish, XRP rallied 470%.
- Peter Brandt also expressed the possibility of XRP’s market cap soaring to $500 billion.
XRP, the third-largest digital asset by market cap, shows promising growth potential as the SuperTrend indicator turns bullish on the 12-hour chart. This tool identifies trends, helping investors determine whether an asset is in a bullish or bearish phase.
According to crypto analyst Ali Martinez, this signal is significant because the last bullish flip on XRP’s SuperTrend led to a 470% price surge. Based on this pattern, Martinez suggests XRP could reach $10 if the trend holds.
XRP Price Retests Support with a Potential $10 Target
At press time, XRP trades at $2.44, up 2.55% in the last 24 hours, with a market valuation of $140 billion. Over the past seven days, the altcoin rose by 18.41%, successfully retesting the $2 support level after hitting a multi-year high of $2.86, according to CoinMarketCap.
Veteran trader Peter Brandt noted on X (formerly Twitter) that XRP’s weekly market cap chart forms a half-mast flag, a continuation pattern indicating further price action. Brandt estimates that if this formation completes successfully, XRP’s market cap could surge to $500 billion. However, he cautions that the pattern must resolve within six weeks to remain valid.
Read also: Ripple CTO Pushes Back on Incentive Debate Surrounding XRPL
Market Factors Influencing XRP’s Future Growth
Based on the daily chart below, the Relative Strength Index (RSI) for the XRP token reads a value of 60.27 which means that the bulls are overall in control of the digital asset’s price action and the gradient of the line suggests higher prices are possible.
However, the buying volumes have taken a dip recently, as compared to the levels in November and December but the market could be gearing up for a massive rally as the pro-crypto administration of Donald Trump is set to begin on January 20th.
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