Today, legendary trader Peter L. Brandt, who has been active since 1975, flagged an XRP/USD chart bull Half Mast Flag pattern. If the pattern continues as planned, XRP could potentially enjoy a significant upside, chimed Brandt in a tweet, since the price typically moves in line with that advance. A steep and fast drop, but then a turn up in the “Half Mast Flag.”
Brandt didn’t shy away from citing his observation, and many of the market commentators agreed with him, suggesting that Ripple could breakout and even surpass the $3 zone.
XRP Officially Launches RLUSD Stablecoin Following Regulatory Approval
Crypto analyst Ali Martinez also found a ‘Bull Flag’ pattern in Ripple, meaning that the altcoin is consolidating and may break out and make a run toward $4 if it manages to break the $2.60 resistance.
Elsewhere, the world’s largest cryptocurrency exchange, Binance, has seen large XRP transfers. An unknown address has deposited 69.3 million XRP ($175.8 million) into a Binance wallet, Bithomp analytics show. Earlier Whale Alert also reported two large Ripple outflows of 800 million Ripple and 120 million Ripple ($1.92 billion), also from a Binance wallet.
Ripple Labs made the RLUSD stablecoin official Dec. 17 in related news. Following approval from the New York State Department of Financial Services, Ripple minted nearly $66 million of RLUSD ahead of the launch.
The stablecoin is awesome, he writes in a X post, adding that RLUSD ‘is what Cardano needs,’ sharing an indication that it will be integrated into the project. While XRP and its creator Ripple have seen growing momentum in terms of developments, strong chart patterns and institutional activity only further support this.
