XRP continues to struggle to reach $2 as 2024 comes to a close, but analysts believe the token is one of the most promising crypto assets in 2025.
Last night, XRP dipped below the $2 mark for the third time in December, testing the $1.995 low on Binance before bouncing back.
While XRP’s continued price action is disappointing, analysts like Ali Martinez believe its charts are among the most bullish in the cryptocurrency. He cited many technical formations to support this view.
XRP Bollinger Bands Squeeze
In a recent commentary, Martinez noted that the Bollinger Bands on the XRP daily chart are narrowing. He emphasized that this formation signals an imminent significant price movement.
Notably, other market analysts have also observed this BB squeeze on the XRP chart at different time periods. They agree that this setup is promising and could push XRP to a new all-time high.
XRP Forms a Compelling Upside Pattern at $11
Meanwhile, in a follow-up message, Martinez presented another chart that paints a compelling picture of a potential rally to $11.
The chart shows that after a strong rally in November that took XRP to new heights, the price has entered a period of consolidation. Specifically, it depicts XRP trading in a contracting range as buyers and sellers engage in a tug-of-war to form a bullish pennant.
This consolidation phase, marked by declining volatility, has historically preceded explosive moves. When observing XRP on the 4-hour chart, this situation repeated itself at least three times between November and the first week of December. Each case resulted in a significant XRP breakout.
Martinez pointed out this formation in a separate note two weeks ago, suggesting a short-term target of $4 after the breakout.
XRP is currently hovering around $2.04, anchored within narrowing trend lines as the market awaits a decisive move. Martinez expects XRP to surge 440% to $11 in its next leg of growth.
Given the ongoing bearish momentum, market commentators are urging XRP holders to remain patient.
Experts like Bobby A. have reassured investors that the asset hasn’t broken out of a seven-year downtrend only to stall short of hitting a new peak. He emphasized that the current situation is temporary and corresponds to historical events.
Whale Positioning for XRP’s Next Move
Notably, while retail investors are increasingly frustrated by XRP’s ongoing decline, whales continue to add to the asset in preparation for the next step. For example, on December 25th, whale stocks of XRP increased by 60 million XRP.
