XRP price recently displayed a bull flag on the daily chart, a pattern often associated with strong upward momentum.
This bullish setup, coupled with rising open interest, raises the possibility of a second rally that could push XRP into double-digit territory.
Over the past week, XRP price has risen 15% following weeks of consolidation after reaching $3.00 in early December.
As of Jan. 6, the XRP/USD pair is up 1.5% to an intraday high of $2.44, according to Cointelegraph Markets Pro and TradingView.
The potential for further price increases is bolstered by a significant surge in open interest (OI), which has climbed 45% in the last 24 hours from $2.6 billion to $3.7 billion.
This surge indicates growing trading activity and an influx of money into the XRP market, as shown in the chart below.
XRP open interest. Source: CoinGlass
Historically, large spikes in OI have often preceded dramatic rallies in XRP’s price.
For instance, OI jumped over 100% between July 13 and July 14, 2023, coinciding with a 107% price surge.
Similarly, an OI increase of 76% between Nov. 29 and Dec. 3, 2024, was followed by another 100% price gain.
If this trend continues, the current OI surge could propel XRP price out of its consolidation phase, potentially reaching $15.
The bull flag pattern on the daily chart supports this outlook.
A daily close above the flag’s upper boundary at $2.41 could signal a breakout, with a target price around $15 based on the flagpole’s height — a 520% increase from current levels.
Additional bullish indicators include immediate support from the 50-day simple moving average at $2.10 and a relative strength index above the 50 mark.
Analysts, including Egrag Crypto, forecast XRP hitting $15 by May 2025, citing adoption, partnerships, and favorable market conditions under a crypto-friendly Trump administration.
