XRP, the third-largest altcoin by market capitalization, might soon see a significant price increase. Analysts suggest a potential doubling in price thanks to a specific technical pattern.
Analysis: Potential XRP Price Growth
According to analysis by trader and analyst Crypto Hamster, XRP's price is nearing a parabolic growth phase, with $3.85 and $4.5 as targets. This prediction was shared on his X account. Since November 2024, XRP's price performance has been following a 'Bullish Pennant' pattern, indicating possible sharp price moves after the consolidation phase. If the pattern holds true, XRP might increase by 100% compared to its current price.
$7 Million Liquidated in 24 Hours
During this bullish run, XRP stands out as a top performer among older altcoins. Its price has already increased 400% since the crypto segment began surging after the U.S. presidential election. However, market correction led to nearly $7 million in positions being liquidated over the last 24 hours, with 70% being long positions.
Current Market Situation
As of the time of writing, XRP is trading at $2.28, down 2.2%. The market benchmark has dropped by 1% today, while Bitcoin has lost 0.3%.
Analysts continue to monitor XRP's market situation and its potential for significant growth. Investors are carefully evaluating predicted patterns and market conditions to make informed decisions.
