Rising Momentum Propels XRP Toward Double-Digit Growth
XRP has showcased a textbook “bull flag” formation on its daily chart, signaling a bullish continuation with a potential surge toward $15. The pattern, paired with a rapid spike in open interest (OI), indicates strong market sentiment and growing investor activity.
Open Interest Surge Fuels Bullish Sentiment
Over the past week, XRP has climbed 15%, hitting an intraday high of $2.44 on January 6. This rally follows a consolidation period after its December ascent to $3.00.
A dramatic 45% jump in OI within just 24 hours, from $2.6 billion to $3.7 billion, underscores increased trading enthusiasm. Historically, sharp OI spikes have preceded major XRP rallies.
For instance, in July 2023, OI doubled overnight, driving a remarkable 107% price surge. Similarly, in November 2024, a 76% jump in OI triggered a 100% rally. If this historical trend persists, XRP’s latest OI rise could set the stage for a breakout toward $15.
Bull Flag Breakout Hints at Major Upside
The bull flag pattern, spanning from November 5, 2024, to January 6, 2025, suggests a significant breakout is imminent. A decisive daily close above $2.41—the pattern's upper boundary—would validate this move. The projected target? A staggering $15, derived from the height of the flagpole—a potential 520% gain from current levels.
Key technical support lies at $2.10, bolstered by the 50-day simple moving average. Meanwhile, XRP’s relative strength index (RSI) remains comfortably above 50, adding to the bullish outlook.
Why Analysts Are Bullish on XRP’s Future
Crypto experts predict XRP’s journey to $15 by 2025, citing increased adoption, strategic alliances, and a pro-crypto policy environment under the current U.S. administration.
Renowned analyst Egrag Crypto, using Fibonacci retracements and Elliott Wave analysis, forecasts this milestone by May 2025. XRP’s growing utility and market momentum could make this projection a reality.
With strong fundamentals and technical indicators aligning, XRP’s next breakout might just be around the corner.