cryptonewsz.com
$XRP, the native cryptocurrency of global payment company Ripple, has showcased strong resilience to the current market correction. While Bitcoin continues to extend correction below $100k, the $XRP price shows stability above the $2 level with a substantial surge in trading volume on Binance futures.
As of now, the $XRP price trades at $2.25 with an intraday gain of 2.08%. According to Coingecko, the asset’s market cap is at $48 Billion, while the 24-hour trading volume is at $4.8 Billion.
Key Highlights:
- The $XRP price prolongs its consolidation trend amid the formation of a pennant pattern.
- $XRP became the most-traded altcoin on Binance Futures in December 2024, with a trading volume of 116.6 billion.
- A breakdown below the pennant’s support will invalidate the bullish thesis.
$XRP Dominates Altcoin Trading on Binance Amid Crypto Sell-Off
In December 2024, $XRP emerged as the most-traded altcoin on Binance Futures, recording an impressive trading volume of 116.6 billion, and the month is still ongoing. According to analyst Maartunn, this highlights $XRP’s strong market activity despite broader market declines in Bitcoin and other altcoins over the past few days.
The sharp drop in crypto prices has increased focus on top-performing assets like $XRP, which shows resilience and potential for quick recovery. The substantial trading signals growing investors’ interest in the asset’s discounted value is a general signal of dip accumulation.
$XRP Price Pennant Breakout Could Trigger Surge to $14.5
Over the past three weeks, the $XRP price has traded sideways within two converging trendlines, revealing the formation of a pennant pattern. The chart setup is characterized by an inclined trendline displaying the dominating trend and a short consolidation before the next breakout.
The 4-hour $XRP chart has formed such a similar setup twice in the November rally, indicating a cyclic pattern for buyers to recuperate the exhausted bullish momentum. If the pattern holds true, the coin price could surge 10.4% to challenge the triangle’s overhead trendline.
An upside breakout will further accelerate the bullish momentum for the $14.5 target, accounting for a potential growth of 100%.