The price of Ripple (XRP) is showing that it is close to ending its month-long consolidation. Many expect a breakout from this range move to start a parabolic rally that could push the XRP token into double digits. From a technical point of view, this development comes when Ripple's CEO welcomes the most pro-crypto Congress, noting a trend after Donald Trump's victory in the US elections.
XRP Price Prediction: Ripple Edges Closer to Breakout
The price of Ripple action over the past two months has created a bullish flag pattern. This setup can be divided into two parts – a parabolic rally level called a “flag pole” and a consolidation level called a “flag.”
XRP's nearly 500% rally between November 3rd and December 2nd created the “flag pole,” and the consolidation in the form of a downward parallel channel is called a “flag.” A daily candle above the flag high at around $2.56 will confirm a breakout.
The bullish flag is a bullish continuation position that indicates that there will be a stop before the rally moves the underlying asset higher.
Ripple CEO Welcomes “Largest Pro-crypto Congress”
Crypto markets ended their eight-month consolidation and began the 2023 bull run after Donald Trump emerged victorious in the 2024 US presidential elections. Due to Trump's pro-crypto regulations and vision, several positive developments have been noted. From voting to introduce crypto-friendly laws to replacing the US SEC chair, Trump is making cryptocurrencies grow.
Ripple CEO Brad Garlinghouse posted on X,
“Today, here in the US, we welcomed the 119th Congress – better known as the most pro-crypto Congress in history. The journey is just beginning, but you can't deny the energy and excitement that is already building throughout the industry. Let's go to work.”
How high can XRP price go in January 2025?
Investors can expect the first quarter of 2025 to be bullish for XRP and altcoins due to the decline in Bitcoin's dominance. As mentioned above, the bull flag position predicts a big bullish outlook for Ripple (XRP) with a double-digit target.
The bull flag target can be calculated by adding the flag pole height of 498% to the breakout point around $2.56, which indicates $15 as the ultimate target for XRP.
In a previous CoinGape article, we noted that XRP could reach $20 if it follows the fractal price of 2017 by the end of January 2025.
Confirmation of season Alt
As mentioned above, the season of alt may start soon because the dominance of Bitcoin is going down. Alt season is a phase where capital turns to altcoins, leading to a drop in Bitcoin market share. This distribution of funds is a pattern that investors follow, especially when BTC continues to move sideways after hitting a new ATH.
The chart above shows a steady decline in Bitcoin's dominance, indicating that the alt season is approaching reality.
Frequently Asked Questions (FAQs)
A break from the consolidation could start a parabolic rally, pushing XRP into double digits.
The bullish flag is a bullish continuation position, indicating a stop before the rally continues, with a possible target of $15.
The pro-crypto Congress could lead to a more favorable regulatory environment, driving growth and innovation in the industry.
Akash Girimath
Akash Girimath, an engineer by training, has developed a keen interest in the intricacies of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his knowledge to well-known platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages small crypto funds for friends and family. His role includes providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow him on Youtube, X and LInkedIn
Disclaimer: The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.
Source: https://coingape.com/markets/xrp-price-prediction-as-ripple-ceo-welcomes-most-pro-crypto-congress/
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