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CryptoIntelligence 2025-01-06 13:10:56

XRP Price Forms Bull Flag Amid Increasing Open Interest, Targeting $15

XRP price recently displayed a bull flag on the daily chart, a pattern often associated with strong upward momentum. This bullish setup, coupled with rising open interest, raises the possibility of a second rally that could push XRP into double-digit territory. Over the past week, XRP price has risen 15% following weeks of consolidation after reaching $3.00 in early December. As of Jan. 6, the XRP/USD pair is up 1.5% to an intraday high of $2.44, according to Cointelegraph Markets Pro and TradingView. The potential for further price increases is bolstered by a significant surge in open interest (OI), which has climbed 45% in the last 24 hours from $2.6 billion to $3.7 billion. This surge indicates growing trading activity and an influx of money into the XRP market, as shown in the chart below. XRP open interest. Source: CoinGlass Historically, large spikes in OI have often preceded dramatic rallies in XRP’s price. For instance, OI jumped over 100% between July 13 and July 14, 2023, coinciding with a 107% price surge. Similarly, an OI increase of 76% between Nov. 29 and Dec. 3, 2024, was followed by another 100% price gain. If this trend continues, the current OI surge could propel XRP price out of its consolidation phase, potentially reaching $15. The bull flag pattern on the daily chart supports this outlook. A daily close above the flag’s upper boundary at $2.41 could signal a breakout, with a target price around $15 based on the flagpole’s height — a 520% increase from current levels. Additional bullish indicators include immediate support from the 50-day simple moving average at $2.10 and a relative strength index above the 50 mark. Analysts, including Egrag Crypto, forecast XRP hitting $15 by May 2025, citing adoption, partnerships, and favorable market conditions under a crypto-friendly Trump administration.