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XRP Price Outpaces Altcoins with Record Volume and 100% Growth Forecast
Despite the ongoing market correction in the cryptocurrency space, Ripple’s XRP has defied the trend by showcasing resilience and strong momentum. The asset has gained significant traction on Binance Futures, with a trading volume of an astonishing 116.6 billion, making it the most-traded altcoin for the month of December.
The price action has been equally impressive, as XRP has managed to stay above the $2 level, despite Bitcoin’s decline below the $100k mark. At the time of writing, the XRP price is trading at $2.25, with an intraday gain of 2.08%. The market capitalization currently stands at $48 billion, while the 24-hour trading volume has surpassed $4.8 billion.
The chart analysis suggests that the XRP price prolongs its consolidation trend amid the formation of a pennant pattern. If this scenario plays out as expected, it could potentially lead to a surge in value, with the XRP/USDT 4-hour chart indicating an upside breakout. This could accelerate the bullish momentum and propel the coin towards a target of $14.5, representing a whopping potential growth of 100%.
The recent surge in trading volume on Binance Futures can be attributed to growing interest from investors seeking discounted value. The dip accumulation strategy has become increasingly popular, as traders look for opportunities amidst the market volatility.
As the cryptocurrency market navigates this correction period, XRP’s strong performance is likely to attract even more attention and investment, potentially leading to further growth and a break above the pennant’s support level.
Source: www.cryptonewsz.com
