XRP Forms Bullish Pennant, Next Stop $4.5? Possible Scenarios

The price of XRP, a third-largest altcoin by market capitalization, might be close to a massive upsurge. Its battle-tested tech analysis pattern signals a potential 2x price spike in the coming weeks.

XRP price ready to add 100% in three months? Check out this pattern

The XRP price is getting closer to a parabolic growth phase, with $3.85 and $4.5 being the next price targets. Such estimations were shared by trader and analyst Crypto Hamster on his X account today, Jan. 10, 2025.

As demonstrated by the trader, starting from early November 2024, XRP's price performance has been following a "Bullish Pennant" pattern. Not unlike flags, pennant charts refer to rapid price moves after periods of consolidation.

The consolidation phase ("triangle") might be completed by the end of this month. After the potential breakout, XRP might be hitting targets 100% higher compare to its current price, the analyst says.

Should his prediction play out, XRP will likely yet again replace U.S. Dollar Tether (USDT) as the third largest crypto ever. With its potential $260 billion market cap, it would only need a 30% price surge to challenge Ethereum's (ETH) capitalization.

$7 million in XRP positions liquidated in 24 hours

During this bull run, XRP stands out as one of the best performers in the cohort of the oldest altcoins. Its price has already added 400% since the crypto segment started rocketing after the U.S. presidential election.

At the same time, XRP is also hit by the ongoing market correction. In the last 24 hours, almost $7 million of XRP positions were erased due to liquidations, CoinGlass data says. Seventy percent of this amount were longs.

As of writing time, XRP is trading at $2.28, down 2.2%. The market benchmark for today dropped by 1%, while Bitcoin (BTC) lost 0.3%.