XRP’s price has printed a bull flag on the daily chart, indicating strong upward momentum. This technical pattern is often associated with significant price increases. Could this setup signal the start of another rally into the double-digit zone?
Over the past week, XRP’s price has risen by 15% to $2.36, driven by consolidation following its recent rally to $3.00 in early December. The XRP/USD pair is currently up 1.5% at its intraday high of $2.44 on January 6.
Increasing open interest (OI) has boosted XRP’s price, with OI increasing by 45% over the last 24 hours to $3.7 billion. This indicates that investors are opening positions expecting a price increase and more trading activity in the market.
Historically, significant jumps in OI have preceded dramatic rallies in XRP’s price. A similar pattern occurred between July 13 and July 14, 2023, when OI jumped by over 100%, triggering a 107% price jump.
If history repeats itself, the latest surge in OI could see the XRP price break out of consolidation, potentially recording massive gains towards $15. The XRP/USD pair is expected to resume its bullish momentum despite recent pullbacks, with a daily close above $2.41 signaling the start of a massive upward breakout.
The bull flag pattern suggests a target of around $15, an approximately 520% uptick from the current price. Analysts, including Egrag Crypto, have predicted this price target by 2025, citing market sentiment and adoption growth fueled by a crypto-friendly administration.
Source: https://cointelegraph.com/news/xrp-price-chart-bull-flag-15-open-interest