XRP Po poised to Double in Price as Bullish Pennant Pattern Nears Completion

The cryptocurrency market is abuzz with speculation as XRP, the third-largest altcoin by market capitalization, approaches a potential parabolic growth phase.

The third-largest altcoin by market capitalization is nearing 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.

The cryptocurrency is currently eyeing price targets of $3.85 and $4.50, signaling a significant upside for investors.

The رم仮想通貨 token has been surging since early November 2024, gaining over 400% amid the broader crypto rally.

Its 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 highlighted this formation in his analysis, suggesting that XRP's consolidation phase may conclude by the end of January 2025.

This setup could lead to a 100% rally from XRP's current price levels.

If XRP achieves this growth, its market capitalization could soar to $260 billion, enabling 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.

Despite its bullish outlook, XRP was not spared from the 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 occurred 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 has been one of the standout performers in the altcoin market, already notching a 400% increase since the U.S. presidential election spurred a broader crypto rally.

Its sustained upward trajectory has reinforced its position as one of the most prominent digital assets in the market.

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 are keeping a close watch on 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.