Skilled commodities trader Peter L. Brandt, who has been in the trading business since the 1970s, has addressed the XRP community to announce some good news to them and make a bullish XRP price prediction.
However, he stressed his somewhat ironic attitude to the XRP army by calling them “XRP proppers.”
XRP forming Bull Flag
Brandt started his X post by saying: “Hey XRP pill poppers.” The trader made it clear that he does not really care which way on the chart XRP is going to move – up, down, or sideways. However, Brandt said: “If it goes up I want to be long. “If it goes down I’ve never shorted it.” Still, the trading expert said that even with this neutral attitude to the asset itself he prefers to “troll the poppers.”
What is happening on the XRP chart now is a Bull Flag pattern, according to him: “No other way right now to define the chart other than a bull flag.” Brandt added that the current state of things could change.
Hey $XRP_pill_poppers
To be clear: I could care less what XRP is going to do. If it goes up I want to be long. If it goes down I’ve never shorted it, but prefer to troll the poppers.
No other way right now to define the chart other than a bull flag. Of course this could change pic.twitter.com/riMwNI7DMW— Peter Brandt (@PeterLBrandt) January 30, 2025
Bull Flag is formed while an asset is moving in a strong upward trend followed by a consolidation period, during which the price action forms a pattern in the shape of a flag. The “bull” element in the pattern title suggests that the asset price is likely to continue rising once the consolidation phase is over.
Ripple issues 4.25 million RLUSD
Ripple Stablecoin Tracker account on the X social media platform has revealed that during the past two days, Ripple decacorn has minted two large Ripple USD (RLUSD) stablecoin batches – 3,200,000 and 1,050,000 RLUSD.
Those assets were minted after a few days’ pause but Ripple continues to inject its new product to the cryptocurrency market. This week, an independent auditing company BMP issued a report revealing the details of reserves that back the stablecoin. According to what the document says, at the end of last year, Ripple minted 77,208,201 RLUSD and it was backed with $83,214,671, mostly in US Treasuries.
When this new product was officially released by Ripple in early December, the company’s chief executive officer Brad Garlinghouse stated that RLUSD was aimed to become a gold standard for stablecoins to be used by financial institutions.
