Technical indicators and market analysis suggest XRP could reach $15 target based on bullish flag pattern formation and surging trading activity.
XRP, the third-largest digital asset by market capitalization, has formed a bullish flag on the daily chart, which suggests that the price of the cryptocurrency is expected to skyrocket in the near future if the bullish sentiment in the market prevails and the altcoin does not lose the $2 price tag, which is a region of major support for the digital currency.
As pointed out by multiple analysts across various posts on X (formerly Twitter), the XRP bull flag printed by the XRP token has a target of $15, since the target price is calculated using the length of the flagpole.
XRP Bull Flag
Another bullish indicator for XRP is the soaring open interest, which rose from $2.61 billion on January 5th to $3.74 billion at the time of writing. The OI levels were at $686 million on October 6th and since then, have soared tremendously. Historically, such bursts in OI are often preceded by major rallies, which indicates that the $2.5 resistance level shall not remain unconquered for long.
XRP OI Soars
In a separate post on X, Ali Martinez, a prominent analyst in the digital asset space, highlighted that the SuperTrend indicator has turned bullish for XRP on the 12-hour chart. The last time such an event happened, XRP printed a massive 470% in gains, Martinez said, while implying that the altcoin could skyrocket once again.
XRP ETF Approval and Price Trajectory
XRP has soared a substantial 16.18% in the last seven days and 327.52% in the past year, while claiming a multi-year high of $2.86 a few weeks ago. However, the altcoin is still trading at a discount of 36.76% to its all-time high of $3.84, which suggests that the potential for another price rally is high.
As the pro-crypto administration of Donald Trump takes shape, the anticipation of a rally during the inauguration day has increased, with Bitcoin breaking the $100,000 price level once again. Also, with Paul Atkins as the new Chair of the Securities and Exchange Commission (SEC), altcoin exchange-traded funds (ETFs), including spot Solana and XRP ETFs, could make their debut, allowing investors to gain exposure to the price of these cryptocurrencies without going through the painful process of buying and holding them.
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