XRP Price Poised for Potential 2x Surge: A Technical Analysis

The cryptocurrency market is abuzz with excitement as XRP, the third-largest altcoin by market capitalization, is showing signs of a massive upsurge. According to a battle-tested technical analysis pattern, XRP’s price could potentially spike by 100% in the coming weeks, reaching targets of $3.85 and $4.5.

The Bullish Pennant Pattern: A Signal for Parabolic Growth

Trader and analyst Crypto Hamster recently shared his analysis on X, highlighting XRP’s price performance since early November 2024. The chart reveals a “Bullish Pennant” pattern, characterized by rapid price moves after periods of consolidation. This pattern is similar to flags, where a brief consolidation phase precedes a significant price surge.

The consolidation phase, represented by a triangle, is expected to be completed by the end of this month. If the pattern holds true, XRP’s price could break out and reach targets 100% higher than its current price. This would be a significant milestone for XRP, potentially propelling it to replace U.S. Dollar Tether (USDT) as the third-largest cryptocurrency.

A New Challenger for Ethereum’s Market Cap

If Crypto Hamster’s prediction plays out, XRP’s market capitalization could reach $260 billion, putting it within striking distance of Ethereum’s (ETH) capitalization. A 30% price surge would be all it takes for XRP to challenge ETH’s dominance.

XRP’s Exceptional Performance Amidst Market Correction

Despite the ongoing market correction, XRP has been one of the best performers among the oldest altcoins. Its price has already surged by 400% since the crypto segment began to rally after the U.S. presidential election. However, XRP is not immune to the market correction, with almost $7 million in XRP positions being liquidated in the last 24 hours, according to CoinGlass data. Seventy percent of these liquidations were long positions.

Current Market Situation

As of writing, XRP is trading at $2.28, down 2.2%. The market benchmark has dropped by 1%, while Bitcoin (BTC) has lost 0.3%. Despite the current downturn, XRP’s technical analysis suggests a potential breakout on the horizon.

Conclusion

XRP’s price is poised for a potential 2x surge, driven by a battle-tested technical analysis pattern. The Bullish Pennant pattern suggests a parabolic growth phase, with targets of $3.85 and $4.5. While the market correction has affected XRP, its exceptional performance and potential for growth make it an exciting prospect for investors. As the market continues to evolve, it will be interesting to see if XRP’s price will break out and reach new heights.

As reported by U.today.

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