The price of XRP, the third-largest altcoin by market cap, could be close to a massive rally. This battle-tested technical analysis pattern indicates a potential 2-fold price rise in the coming weeks.

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

XRP price is approaching the parabolic growth phase, where the next price targets will be $3.85 and $4.5. Such estimates were subscriber By Crypto trader and analyst Hamster on his X account today, January 10, 2025.

As the trader explained, starting in early November 2024, XRP price performance has been following a “bullish flag” pattern. Unlike flags, pennant charts indicate rapid price movements after periods of consolidation.

The consolidation phase (“triangle”) may be completed by the end of this month. The analyst says that after a potential breakout, XRP may achieve 100% higher targets compared to its current price.

If his predictions come true, XRP will likely once again replace US Dollar Tether (USDT) as the third largest cryptocurrency of all time. With a potential market capitalization of $260 billion, it would only need a 30% price increase to challenge the market cap of Ethereum (ETH).

$7 million worth of XRP positions were liquidated within 24 hours

During this rally, XRP stands out as one of the best performing coins in the group of oldest altcoins. Its price has already risen by 400% since the cryptocurrency sector started skyrocketing after the US presidential elections.

Meanwhile, XRP has also been affected by the ongoing market correction. In the past 24 hours, nearly $7 million worth of XRP positions were wiped out due to liquidation, according to CoinGlass data. Seventy percent of this amount were long positions.

At the time of writing, XRP is trading at $2.28, down 2.2%. Today, the market index fell 1%, while Bitcoin (BTC) lost 0.3%.