XRP Price Analysis
XRP price action has formed a significant symmetrical triangle pattern on the weekly chart, a technical setup often associated with strong trend momentum. Could this bullish structure, combined with the potential launch of XRP futures, ignite a rally to $15?
CME XRP Futures Could Launch on February 10
XRP price declined by 2% over the past 24 hours, reflecting a wave of profit-taking after the cryptocurrency surged to a seven-year high of $3.40 on January 16.
Despite this short-term dip, XRP seems well-positioned to extend its three-month-long rally, driven by several factors, including macroeconomic developments and a crypto-friendly U.S. administration.
Adding to the bullish narrative, reports suggest that the Chicago Mercantile Exchange (CME) Group is preparing to launch futures contracts for XRP and Solana (SOL) as early as February 10, pending regulatory approval. The leaked details indicate that these offerings would include standard contracts (50,000 XRP per lot) and micro-sized contracts (2,500 XRP per lot).
The information, which appeared briefly on CME’s beta website, was later removed. A CME spokesperson clarified that the details were made public by mistake and emphasized that no official decision on launching XRP or SOL futures has been made.
Nonetheless, the news sparked a temporary 3.2% rally in XRP’s price within minutes of its leak on January 22. Bloomberg Senior ETF Analyst James Seyffart commented, “Honestly, it makes sense and is largely to be expected if true.”
Bullish Technical Setup Targets $15
On the weekly chart, XRP/USD broke out of a symmetrical triangle in mid-November 2024, when the price surpassed the triangle’s descending trendline near $0.68. This breakout indicates the potential for a massive upward move.
The triangle’s height — the distance between its lowest and highest points — suggests a target near $15, representing a 390% increase from current price levels.
Several analysts have echoed the $15 price target for XRP, citing strong technical signals, institutional interest, and increasing adoption. For example, pseudonymous analyst Mickybull Crypto pointed out a bull flag formation on XRP’s chart, projecting an upside target of $15.
Using Fibonacci retracement levels and Elliott Wave theory, popular crypto analyst Egrag Crypto also forecasted that XRP could reach $15 by May 5.
Adoption, Momentum, and the Path Forward
XRP’s price movement in recent months reflects its growing adoption and the renewed interest from institutional players. While regulatory clarity around XRP futures remains uncertain, the mere possibility of their launch has already fueled optimism among traders.
With the bullish breakout from the symmetrical triangle pattern in play, all eyes are now on XRP’s potential to reach the ambitious $15 price target.
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