Is XRP About to Explode? $15 Target in Sight

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The cryptocurrency XRP is displaying a “bull flag” pattern on its daily chart, indicating a possible imminent surge. Currently, XRP is being traded at $2.44, representing a 1.5% increase in one day, and a significant 15% rise over the past week.

After a period of stabilization, which occurred following the reach of $3.00 in December 2024 (as indicated by Tradingview data), there has been an upward trend observed.

Currently, information from CoinGlass indicates a significant jump in open interest (OI), increasing by approximately 45% within the past day. This surge has brought the figure up from $2.6 billion to $3.7 billion. An increase in OI often signals an influx of investors engaging with and growing confident in a specific cryptocurrency.

Historically, we’ve seen that substantial increases in Open Interest (OI) often precede significant price jumps. For instance, the OI doubled in July 2023, coinciding with a 107% price increase. Similarly, there was a 76% increase in OI towards the end of 2024, which was followed by a 100% price escalation.

XRP Bull Flag: Ready for a Breakout?

On XRP’s daily chart, the appearance of the bull flag pattern suggests that the cryptocurrency could soon experience a significant price surge.

Confirmation of the pattern is expected towards the end, surpassing the $2.41 mark, which represents the peak of the flag. Following this, an anticipated increase in price could bring it up to around $15. This potential rise would equate to a significant 520% increase from its current value.

At approximately $2.10, you’ll find the nearest significant support point. A strong indication of a prolonged upward trend can be seen around $2.60.

Or simply:

Support at $2.10 and long-term uptrend confirmation at $2.60.

The number of actively used XRP addresses has gone up by 1.16% within the last 24 hours, reaching approximately 37,847 thousand, according to data from CryptoQuant, indicating an increase in activity on the XRP network.

At the same time, there’s been a 0.15% decrease in exchange reserves, indicating less selling pressure as investors are shifting XRP into long-term investments. This trend is further supported by the derivatives market, where trading volume has increased by 66.10% and options volume has skyrocketed by an impressive 339.80%, suggesting a positive or bullish outlook for the future.

Fibonacci Forecast: $15 by May 2025

Analyst Egrag Crypto has suggested that XRP could reach $15 by May 2025 based on his analysis using Fibonacci time zones and Elliott Wave theory, which he shared in a tweet dated December 30. According to his chart, the significant Fibonacci level of 1.618 coincides with May 2025 as a crucial date.

However, although there are positive signs indicated by certain factors, the Relative Strength Index (RSI) stands at 55.52, suggesting that the current momentum is neither strongly bullish nor bearish. On the other hand, the Moving Average Convergence Divergence (MACD) shows a bearish crossover, implying a possible short-term downturn in the market.

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2025-01-06 20:22