As Cointelegraph reported, XRP price formed a bull flag pattern on the daily chart, indicating strong upward momentum. XRP price has risen 15% in the past seven days to $2.44.
XRP’s upside potential is supported by an increase in open interest (OI), which has increased by 45% in the past 24 hours from $2.6 billion to $3.7 billion, indicating that investors expect price increases.
Historically, significant growth in OI has typically heralded dramatic increases in XRP price. For example, on July 13-14, 2023, OI increased by more than 100% and prices increased by 107%.
If history repeats itself, the latest surge in OI could see XRP price break out of consolidation with a target of $15. Analysts predict that XRP price could reach $15 by 2025, driven by market sentiment and growth in collaboration.
