Ripple (XRP) price shows it is close to ending its month-long consolidation. Many expect a breakout from this rangebound movement to kickstart a parabolic rally that could push the XRP token to double digits. From a technical standpoint, this development comes as Ripple CEO welcomes the most pro-crypto Congress, hinting at a shift after Donald Trump’s victory in the US elections.
XRP Price Prediction: Ripple Edges Closer to Breakout
Ripple price action over the past two months has created a bull flag pattern. This setup can be split into two parts – a parabolic rally phase termed “flag pole” and a consolidation phase termed “flag.”
XRP’s near-500% rally between November 3 and December 2 formed the “flag pole,” and the consolidation in the form of a down-sloping parallel channel is called the “flag.” A decisive daily candlestick above the flag’s upper limit at roughly $2.56 will confirm a breakout.
The bull flag is a bullish continuation setup that hints at a pause before the rally propels the underlying asset higher.
XRP/USDT 1-day chart
Ripple CEO Welcomes “Most Pro-crypto Congress”
Crypto markets ended the eight-month consolidation and resumed the 2023 bull run after Donald Trump emerged victorious in the 2024 US presidential elections. Due to Trump’s pro-crypto regulations and vision, various positive developments have been noted. From vowing to bring in crypto-friendly laws to replacing the US SEC chair, Trump is giving cryptocurrencies to 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 & excitement already building across the industry. Let’s get 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 altcoin due to the drop in Bitcoin dominance. As noted above, the bull flag setup forecasts a massive bullish outlook for Ripple (XRP) with a double-digit target.
The bull flag’s target can be calculated by adding the flag pole’s height of 498% to the breakout point of roughly $2.56, which reveals $15 as the end goal for XRP.
In a previous CoinGape article, we noted that XRP could reach $20 if it follows the 2017 price fractal before January 2025 ends.
Proof of Alt Season
As noted above, alt season could kickstart soon as Bitcoin dominance continues to drop. Alt season is a phase where capital rotates to altcoins, leading to a drop in Bitcoin’s market share. This rotation of funds is a pattern that investors follow, especially when BTC continues to move sideways after hitting a new ATH.
BTC Dominance Drops
The above chart shows a steady decline in Bitcoin dominance, hinting that the alt season is edging closer to reality.
The post XRP Price Prediction As Ripple CEO welcomes “most pro-crypto Congress” appeared first on CoinGape.
