XRP price chart ‘bull flag’ targets $15 amid increasing open interest

XRP (XRP) worth printed a bull flag on the every day chart, a technical chart sample related to sturdy upward momentum. May this bullish setup and surging open curiosity sign the beginning of the second leg of XRP’s rally into the double-digit zone?

Growing IO boosts XRP worth

XRP worth is up 15% over the past seven days after weeks of consolidation following the altcoin’s rally towards $3.00 in early December. The XRP/USD pair is up 1.5% to its intraday excessive of $2.44 on Jan. 6, based on information from Cointelegraph Markets Pro and TradingView. 

XRP’s potential to rise increased is backed by growing open interest (OI), which has elevated considerably over the past 24 hours.

The chart beneath exhibits that XRP OI has elevated by 45% over the past 24 hours from $2.6 billion to $3.7 billion, suggesting that traders are opening positions with the expectation of XRP’s worth improve. This additionally signifies that extra buying and selling exercise and cash coming into the XRP market.

Traditionally, important jumps in OI curiosity have preceded dramatic rallies in XRP worth.

For instance, this metric jumped by over 100% between July 13 and July 14, 2023, triggering a 107% worth soar over the identical interval.

This worth motion got here after Choose Analisa Torres ruled that the XRP token is not a security within the Securities and Change Fee lawsuit towards Ripple.

Related worth motion was witnessed when OI jumped by 76% between Nov. 29 and Dec. 3, 2024, accompanying one other 100% soar in worth over the identical interval. 

If historical past repeats itself, the most recent surge in OI may see the XRP worth breakout of consolidation, recording large good points towards $15.

XRP worth “bull flag” targets $15

The XRP/USD pair is anticipated to renew its prevailing bullish momentum regardless of the pullback from latest highs, because the chart exhibits a traditional technical sample within the making.

XRP’s worth motion between Nov. 5, 2024, and Jan. 6, 2025, has led to the formation of a bull flag sample on the every day chart, as proven within the determine beneath. A every day candlestick shut above the flag’s higher boundary at $2.41 would sign the beginning of a large upward breakout.

The goal is about by the flagpole’s top, which involves be round $15, an roughly 520% uptick from the present worth.

Different bullish indicators that may be noticed on the chart are the quick help offered by the 50-day easy shifting common at $2.10 and the relative power index resetting simply above the 50 mark.

A number of analysts have additionally predicted a $15 XRP worth goal by 2025, citing market sentiment towards XRP’s adoption and partnership development, fueled by a crypto-friendly Trump administration. 

Utilizing Fibonacci ranges and Elliott Wave theory, well-liked crypto analyst Egrag Crypto shared an optimistic prediction, saying that XRP worth can hit $15 by Could 5, 2025.

This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a call.