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%.
Also Read: Ripple Partner MoonPay to Acquire Major Crypto Firm for $150M
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