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XRP Forms Bullish Pennant, Next Stop $4.5? Possible Scenarios
The cryptocurrency market has been experiencing a rollercoaster ride recently, with Bitcoin (BTC) rocketing after the U.S. presidential election and XRP being hit by the ongoing market correction. Despite this volatility, Ripple’s native token XRP may be forming a bullish pennant, indicating a possible upward trend in the near future.
According to CoinGlass data, almost $7 million of XRP positions were erased due to liquidations over the past 24 hours, with 70% of these losses being longs. As of writing time, XRP is trading at $2.28, down 2.2%. The broader market benchmark has dropped by 1%, while BTC has lost 0.3%.
While it’s essential to approach any investment decision with caution and consider multiple factors before making a move, the data suggests that XRP may be primed for an upward surge.
The bullish pennant formation could potentially lead to a price increase, with some analysts predicting a possible next stop at $4.5. However, this is not without its risks, as market fluctuations can be unpredictable and volatile.
To put it simply, the situation looks promising but not necessarily guaranteed.
Source: u.today
