TLDR
XRP experienced an 11% price rally on January 11, breaking out of a symmetrical triangle pattern while showing strong market performance against broader crypto trends
Open interest in XRP has more than doubled from $2B to $5B between December 22, 2024 and January 13, 2025, indicating heavy speculator involvement
Legendary trader Peter Brandt has shifted his stance on XRP, describing it as the “leader of the pack” and identifying a potential half mast flag pattern that could lead to significant price increases
Despite the recent rally, the token faces short-term bearish indicators including profit-taking pressure and resistance at the $2.53 level
Trading volume data shows 70% of activity concentrated between $2.20-$2.53, making this a crucial price range for future movement
The cryptocurrency market has witnessed a notable development as XRP, the digital asset associated with Ripple, recorded an 11% price increase on January 11, 2025. This movement came during a period when other major cryptocurrencies, including Bitcoin, showed relatively flat performance.
The price surge coincided with a breakout from a symmetrical triangle pattern that had contained XRP’s price movements since December 3, 2024. This technical formation, characterized by a series of lower highs and higher lows, typically precedes a directional move in either direction.
Trading data reveals that XRP reached a local peak of $2.60 following the upward movement, though the price has since retraced to approximately $2.46. Market analysts note that this represents a 1.76% decline from the recent high, attributed largely to profit-taking activities by traders.
One of the most striking developments in the XRP market has been the dramatic increase in open interest. Data shows that open interest has risen from $2 billion on December 22, 2024, to $5 billion as of January 13, 2025. This metric, which measures the total value of outstanding derivative contracts, suggests growing speculator participation in the market.
The current trading environment shows concentrated activity between $2.20 and $2.53, with approximately 70% of trading volume occurring within this range. Market observers point out that the $2.53 level has emerged as a key resistance point, with the token’s ability to break above this threshold likely to determine its short-term direction.
Recent market data from CoinGlass indicates potential volatility ahead, with $42 million in long positions at risk of liquidation if the price falls below $2.44. This follows a market movement that resulted in the liquidation of $80 million in short positions during the recent rally.
Adding to the market narrative, veteran trader Peter Brandt has made headlines with his changed stance on XRP. Brandt, known for his technical analysis expertise, recently described XRP as the “leader of the pack” in the cryptocurrency market, marking a departure from his previous skepticism toward the asset.
Brandt’s analysis includes the identification of a “half mast flag” pattern, which he suggests could lead to major price movements if confirmed. The trader emphasized the importance of pattern completion within a six-week timeframe for validity.
XRP Price on CoinGecko
The recent price activity has occurred against a backdrop of broader market interest in XRP, partly fueled by news of Ripple CEO Brad Garlinghouse’s dinner with President-elect Donald Trump. This event has drawn additional attention to the cryptocurrency from both retail and institutional investors.
Technical analysis of the current market structure shows that while the breakout from the symmetrical triangle pattern was bullish, several factors warrant attention. The price action below the volume profile’s upper limit of $2.53 suggests that bulls have not yet established complete control of the market.
Market participants are closely watching the $2.55 level, as a successful break above this point could potentially trigger a 33% move toward $3.15, according to technical projections. However, the current position below key resistance levels maintains an element of uncertainty in the short-term outlook.
In addressing the XRP community, Brandt has recently extended an “olive branch,” acknowledging his past criticism while maintaining his trading philosophy about capital preservation. He emphasized the importance of actual market positions over predictions, stating that “predictions are a dime a dozen.”
The volume profile analysis indicates that market participants have established strong interest in the $2.20 to $2.53 range, making this zone crucial for future price development. This concentration of trading activity suggests that any sustained move outside this range could result in accelerated price movement in that direction.
Trading metrics show that the recent breakout has been accompanied by increased volatility and trading volume, though questions remain about the sustainability of the move. The market continues to show sensitivity to technical levels and trading patterns that have developed over the past several weeks.
As of January 13, 2025, XRP trades at $2.45, with market participants awaiting clear confirmation of the next directional move.
The post Ripple (XRP) Price: Breaking Down the 11% Rally and $5B Open Interest Surge appeared first on Blockonomi.
