XRP Poised for a Massive 2x Surge: Analyst Predicts Bullish Pennant Breakout

The cryptocurrency market is abuzz with speculation as XRP, the third-largest altcoin by market capitalization, approaches a potential parabolic growth phase. According to technical analysis shared by trader and analyst Crypto Hamster, XRP’s price could double in the coming weeks, driven by a robust Bullish Pennant pattern.

Currently trading at $2.28, XRP is eyeing price targets of $3.85 and $4.50, signaling a significant upside for investors.

XRP and the Bullish Pennant Pattern

Since early November 2024, XRP’s price has been moving within a Bullish Pennant formation, a technical setup that often precedes rapid price spikes. This pattern includes a consolidation phase followed by an explosive breakout.

Crypto Hamster notes that XRP’s consolidation phase may conclude by the end of January 2025, setting the stage for a 100% rally from its current price levels.

Should XRP achieve this growth, its market capitalization could soar to $260 billion, positioning it to reclaim its title as the third-largest cryptocurrency, surpassing U.S. Dollar Tether (USDT). Moreover, a modest 30% price increase from these projected levels would place XRP in direct competition with Ethereum’s (ETH) market cap.

XRP Liquidations Surge Amid Market Volatility

Despite its bullish outlook, XRP has not been immune to recent market corrections. Over the last 24 hours, $7 million worth of XRP positions were liquidated, with 70% of these liquidations affecting long positions, according to CoinGlass.

This liquidation comes as XRP dipped 2.2% to $2.28, slightly underperforming the broader market, which experienced a 1% decline. Meanwhile, Bitcoin (BTC) exhibited greater resilience, losing just 0.3% during the same timeframe.

XRP’s Meteoric Rise: A 400% Rally Since November

XRP has been one of the standout performers in the altcoin market, already recording a 400% increase since the broader cryptocurrency rally that followed the U.S. presidential election. Its consistent upward trajectory has reinforced its position as one of the most prominent digital assets in the market.

Key Price Targets to Watch

If Crypto Hamster’s analysis holds true, XRP’s initial breakout could propel its price to $3.85 and then to $4.50. These levels are expected to act as critical milestones in XRP’s climb toward new highs.

Investors and analysts alike are closely monitoring the token’s price action as it inches closer to breaking out of the consolidation phase. With its strong historical performance and bullish technical setup, XRP remains a top contender for substantial gains in early 2025.

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