XRP Forms Bull Flag Indicating Potential Price Target of $15
XRP, the third-largest digital asset by market capitalization, has formed a bullish flag on the daily chart. This pattern indicates potential price increases if market sentiment remains positive and XRP maintains support around the $2 level.
Analysts note that the target for this bull flag is $15, calculated based on the flagpole's length.
XRP Bull Flag
Open interest (OI) for XRP has increased significantly, rising from $2.61 billion on January 5 to $3.74 billion at the time of writing. OI levels were at $686 million on October 6 and have since surged. Historically, such increases in OI precede major rallies, suggesting that the $2.5 resistance level may be overcome soon.
XRP OI Soars
Ali Martinez, an analyst in digital assets, indicated that the SuperTrend indicator has turned bullish for XRP on the 12-hour chart. Previously, similar indicators led to significant gains; the last occurrence resulted in a 470% increase.
XRP ETF Approval and Price Trajectory
XRP has increased by 16.18% over the past week and 327.52% over the past year, reaching a multi-year high of $2.86 recently. However, it remains 36.76% below its all-time high of $3.84, indicating room for further price growth.
With a pro-crypto administration emerging, expectations for a rally during the inauguration day have heightened, coinciding with Bitcoin surpassing the $100,000 mark. Additionally, the appointment of Paul Atkins as the new Chair of the Securities and Exchange Commission (SEC) raises the possibility of altcoin exchange-traded funds (ETFs), including those for Solana and XRP, providing investors easier access to these cryptocurrencies.