As a crypto investor, I’m keeping a close eye on XRP, one of the top altcoins. The technical analysis patterns it’s showing are reminiscent of past successes, suggesting a possible 2x price increase might be imminent within the next few weeks.
XRP price ready to add 100% in three months? Check out this pattern
According to Crypto Hammer’s analysis posted on his Twitter account on January 10, 2025, the value of XRP is approaching a period of rapid, exponential growth. The predicted price levels for this trend are around $3.85 and $4.50.
According to the example set by the trader, since early November 2024, the price trend of XRP appears to be adhering to a “Bullish Pennant” structure. Similar to flags, a Bullish Pennant indicates a quick price surge following a period of consolidation in the market.
By the end of this month, the “consolidation phase” (or triangle) could be finished off. If a breakout occurs after that, XRP could potentially reach prices 100% higher than its current value, as suggested by the analyst.
If his forecast is correct, XRP could potentially regain its position as the third-largest cryptocurrency by market capitalization, surpassing U.S. Dollar Tether (USDT). With a potential market cap of $260 billion, it would merely require a 30% price increase to challenge Ethereum‘s (ETH) market dominance.
$7 million in XRP positions liquidated in 24 hours
In the ongoing cryptocurrency market surge, XRP has proven to be among the top performers from the group of the earliest alternative coins. The value of XRP has already seen a significant increase of approximately 400% since the crypto sector started gaining momentum following the U.S. presidential election.
As an analyst, I’m observing that along with the broader market correction, XRP has also experienced a significant impact. According to data from CoinGlass, approximately $7 million worth of XRP positions have been liquidated over the past 24 hours. Interestingly, about 70% of these liquidations were long positions.
Currently, at the moment, one XRP is being traded for approximately $2.28, representing a decrease of 2.2%. In contrast, the overall market index has fallen by 1% during this period, and Bitcoin (BTC) has experienced a minor decrease of 0.3%.
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2025-01-10 19:25