Recent technical analysis suggests that Ripple’s $XRP may be set for a significant price rally, potentially reaching as high as $15, representing an increase of over 500%. Top cryptocurrency analyst Levi Rietveld shared his insights on X (formerly Twitter), highlighting the formation of a bull flag pattern in XRP’s price chart. This technical structure is often linked to continued upward momentum, especially when accompanied by rising open interest and favorable historical trends.
XRP Price Analysis: Bullish Continuation Expected
Rietveld’s analysis focuses on a key breakout moment for XRP, which saw its price surge from below $1 to over $2.50 in November. This rally, coupled with a noticeable spike in trading volume, signified strong market participation. Following this breakout, XRP entered a consolidation phase, suggesting a period of accumulation before another potential upward movement.
Key support levels are identified at $0.50, where XRP previously consolidated before the rally, and $1.34, which aligns with recent price action. Resistance levels are noted near $2.50 and slightly below $3, where XRP struggled to maintain its momentum. These levels remain critical as XRP sets its sights on further gains.
Bull Flag Pattern and Price Target Projection
Rietveld identifies a bull flag pattern in XRP’s price chart. After a substantial price increase from $0.50 to $2.40, the formation of a flag structure suggests a continuation of the bullish trend. Based on this pattern, the analyst projects XRP’s price could target a range between $12.42 and $14.80.
Moreover, XRP’s price remains above its key moving averages—the 50-day, 100-day, and 200-day moving averages—indicating that buyers are still in control. The Relative Strength Index (RSI), hovering in neutral to slightly bullish territory, suggests that there is potential for further upward movement without reaching overbought conditions.
Rising Open Interest and Historical Momentum Support Positive Outlook
The growing open interest in XRP markets is another factor supporting a bullish case, signaling increased participation and heightened trader confidence. Historical data also suggests that XRP tends to experience sharp upward rallies during bullish cycles, further validating the current bullish outlook.
To confirm the potential for a sustained rally, XRP’s price must break through the $2.90 resistance level. If successful, this breakout could initiate the next phase of its upward movement, bringing the cryptocurrency closer to the projected $15 target.
Conclusion
While the technical indicators and market sentiment currently point to a bullish continuation for XRP, traders should remain cautious as the cryptocurrency market is inherently volatile. A break above key resistance levels could set XRP on a path toward significant gains, but as always, investors are encouraged to carefully consider the risks before committing capital.
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