A recent analysis by crypto expert Ali Martinez on the XRP/USDT trading pair, earlier today, he predicted a technically bullish setup for the XRP cryptocurrency.
The chart appears to show three consecutive bullish pennant formations, which are typically continuation patterns that suggest the potential for further upside movement.
The current price is around $2.38, with the price action finding support near the $2.25 level, which the analyst suggests could present a potential buy-the-dip opportunity if tested again.
Bullish Trend Confirmation
The chart also reveals a long-term rising trendline that has provided support during the recent pullbacks, further confirming the overall bullish trend for XRP.
Without making any speculative price predictions, the technical analysis seems to point to a favorable setup for the cryptocurrency.
With the consecutive pennant patterns potentially signaling the possibility of additional upside, should the price hold above the $2.25 support level. He further projects a target of $4.40 for take profits.
XRP’s Remarkable Comeback
XRP’s current price surge marks a remarkable comeback for the cryptocurrency, which had previously faced challenges related to the ongoing lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC).
After enduring a three-day price decline, XRP has now skyrocketed, jumping from a low of $0.50 to a peak of $2.82 in the last 30 days.
Also Read: Tron (TRX) Surges Over 80% As Justin Sun Calls It The “Next XRP,” Market Cap Surpasses $30 Billion
Outperforming Ethereum and Bitcoin
This phenomenal price increase of over 300% has allowed XRP to outperform both Ethereum and Bitcoin during this period.
XRP’s price has increased by 331.48% in the past month, with the current price standing at $2.39 and a 24-hour trading volume of $11,866,074,293.
XRP’s Market Cap Surge
On December 7th, the market cap of XRP, the cryptocurrency associated with Ripple, saw a remarkable surge.
In fact, XRP’s market cap has now surpassed that of the financial giant Citigroup, which stands at $136.45 billion.
With a circulating supply of 57 Billion XRP, the cryptocurrency is currently valued at a market cap of $136,403,362,350, a truly impressive feat.
Also Read: Justin Sun Touts TRX as ‘Next XRP’ After XRP Token Makes Massive Monthly Gains Increasing By 344%