The XRP price has risen 15% over the past seven days after weeks of consolidation following the altcoin's rise to $3.00 in early December. According to Cointelegraph Markets Pro and TradingView, the XRP/USD pair rose 1.5 percent to a daily high of $2.44 on Jan. 6. The intraday high was US$44.
XRP's upside potential is supported by a significant increase in open interest (OI) over the past 24 hours.
The chart below shows that XRP's OI increased by 45% from US$2.6 billion to US$3.7 billion in the last 24 hours, indicating that investors are opening positions in anticipation of a rise in the price of #XRP . This also indicates increased trading activity and inflows into the XRP market.
Historically, significant spikes in interest in OI have preceded spikes in the XRP price.
For example, between July 13 and July 14, 2023, the OI jumped 107% and the price jumped 107% over the same period.
This price movement came after Judge Annalisa Torres ruled in the Securities and Exchange Commission's case against #Ripple that XRP tokens are not securities. Similar price movements occurred in 2024.
If history repeats itself, the latest spike in OI could cause the XRP price to break out of consolidation and record a significant rise towards $BTC XRP/USD is expected to resume its bullish momentum despite the recent pullback from the highs.
XRP price movement from November 5, 2024 to January 6, 2025 is shown on the chart below, with a bullish flag on the daily chart. A pattern has been formed. A daily candle above the upper boundary of the flag at $2.41 would signal the beginning of a strong upside breakout.
target is determined by the height of the flagpole, which is about $15, or about 520% of the current price.
Other bullish indicators on the chart are the 50-day simple moving average at $2.10 and the Relative Strength Index just above 50.
Several analysts also cite market sentiment for XRP adoption and partnership growth, fueled by the cryptocurrency-friendly Trump administration, with a target price of XRP by 2025.
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