Renowned commodities trader Peter Brandt, who is a senior in the trading scene since the 70s, has been fueling XRP community with his latest price prediction. Brandt noted that the price of the cryptocurrency may have some bullish indicators, while choosing to remain neutral towards XRP.
Two weeks ago,Brandt stated in a recent social media post on X (formerly Twitter) the XRP community and playfully referring to them as XRP proppers. Although he was giving lighthearted jabs about the trader involved, the seasoned trader pointed out that XRP was forming a bullish flag.
Peter Brandt’s Take on XRP
The bull flag is a technical indicator that denotes the continuation of the upward movement of an asset after the holding of it in a consolidation mode. As Brandt puts it, the chart ‘currently has no other way right now how to define it except a bull flag,’ which indicates the likelihood of more price appreciation after the consolidation finishes.
If XRP goes high, I want to be long, Brandt clarified, yet he’s not really interested in the long game of what will really happen with XRP. I’ve never shorted it if it goes down,” he added. Even though he has offered a neutral stance over the bull flag pattern, the Ripple enthusiasts remain optimistic as a result of this.
Meanwhile, Ripple’s recent stablecoin activity have attracted much bullish activity. In the past two days, the fintech giant minted two large batches of the Ripple USD (RLUSD) stablecoin: 3.2 million RLUSD and 1.05 million RLUSD, the Ripple Stablecoin Tracker account on X reported. Ripple has recaptured the crypto ecosystem by injecting its newly minted product and this is after a temporary pause in minting activity.
An earlier report on the reserves backing RLUSD was released by independent auditing firm BMP earlier this week. But the audit found that as of the close of last year, Ripple had minted 77.2 million RLUSD using $83.2 million of primarily U.S. Treasuries held in the currency. Brad Garlinghouse, Ripple’s CEO, has positioned it as the potential “gold standard” in the stablecoin market aimed towards institutional adoption.
