As 2024 draws to a close, XRP continues to struggle to reach $2, but analysts believe the token is one of the most promising crypto assets for 2025.
Last night, XRP fell below $2 for the third time in December and tested the low of $1,995 on Binance before recovering.
Although XRP’s ongoing price action has been discouraging, analysts like Ali Martinez believe its chart patterns are among the most bullish in the crypto space. He cited numerous technical formations to support this view.
XRP Bollinger Bands are squeezing
In a recent commentary, Martinez pointed out that the Bollinger Bands on XRP’s daily chart are narrowing. He emphasized that this formation signals an impending significant price move.
Notably, other market analysts have also observed this BB squeeze on the XRP chart over various time frames. They agree that the setup is promising and could push XRP to a new all-time high.
XRP is forming a compelling pattern for a $11 rally
Meanwhile, in a follow-up update, Martinez presented Another chart that paints a compelling picture of a possible rise to $11.
The chart shows that the price entered a consolidation phase after a strong rally in November that catapulted XRP to new highs. Notably, XRP was depicted trading in a narrowing range, with buyers and sellers engaging in a tug-of-war, forming a bullish pennant.
This consolidation phase, characterized by decreasing volatility, has historically preceded explosive moves. When observing XRP on the 4-hour chart, this setup repeated at least three times between November and the first week of December. Every…
