XRP, the third-largest cryptocurrency by market capitalization, is showing signs of a potential massive upsurge. According to a technical analysis pattern shared by trader and analyst Crypto Hamster, XRP might be gearing up for a 2x price spike in the coming weeks.
XRP price might be preparing for a 100% upsurge
On Jan. 10, Crypto Hamster shared a chart of XRP's price performance, highlighting a "Bullish Pennant" formation starting from early November 2024. Similar to flags, pennant charts indicate rapid price movements after periods of consolidation.
In this case, the consolidation phase, depicted as a "triangle," might be concluding by the end of this month. Afterward, the trader anticipates a potential breakout, with XRP setting targets 100% higher than its current price.
If this prediction materializes, XRP will likely once again overtake U.S. Dollar Tether (USDT) as the third-largest cryptocurrency. With a potential market capitalization of $260 billion, XRP would only require a 30% price surge to rival Ethereum's (ETH) capitalization.
XRP price surges 400% amid market bull run
Throughout this bull run, XRP has emerged as one of the best performers among the older altcoins. Its price has surged by 400% since the crypto market began skyrocketing after the U.S. presidential election.
However, XRP is also affected by the ongoing market correction. In the last 24 hours, nearly $7 million of XRP positions were wiped out due to liquidations, according to data from CoinGlass. Of this total, 70% were longs.
At the time of writing, XRP is trading at $2.28, down by 2.2%. The market benchmark for today dropped by 1%, while Bitcoin (BTC) lost 0.3%.
