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Highlights
- XRP has been consolidating for 190 days, forming a bull flag pattern after a 586% rally.
- Active addresses surged 1,609% in 24 hours, indicating increased investor interest.
- Whales have accumulated 2.45 billion XRP tokens since November 2024, and 890 million tokens in the past four months.
After a 190-day consolidation XRP price is edging closer to a breakout that could mimic the 586% rally noted in late 2024. This price action over the past seven months shows a textbook bull flag pattern. The upcoming deadline of the SEC vs. Ripple lawsuit, coupled with a 1,609% spike in active addresses, could be hinting at the calm before an explosive move.
At the time of writing, XRP price trades at $2.29 and is up nearly 1% in the past 24 hours, while the trading volume has spiked from $350 million to $2.46 billion.
Bull Flag Pattern Hints XRP Price May Hit $10
XRP price action over the past seven months has led to the formation of a bull flag pattern. The 586% rally that pushed XRP from $0.491 to $3.37 between November 4, 2024, and January 16, 2025, is the flagpole. The downtrending parallel channel consolidation since then is the flag.
A bull flag is a continuation setup, meaning it follows the trend that preceded the consolidation. From a theoretical standpoint, the target is obtained by adding the height of the flag pole to the bottom of the parallel channel or the flag. This suggests that the XRP price target, in the event of a successful breakout from the upper limit of the parallel channel, would be $10.
Interestingly, the 161.8% Fibonacci extension level of the 586% rally is $11.09. This is just above the bull flag target and adds confluence to the $10 target.
Fundamental Catalysts To Watch
Ondo Finance has launched its tokenized US Treasuries on the XRP Ledger, a fundamentally optimistic development. Additionally, Ripple’s recent partnership with US investment manager Guggenheim is a ‘big win,’ said Bill Morgan, a popular lawyer who provides commentaries on Ripple and XRP-related lawsuit updates.
The US Securities and Exchange Commission (SEC) must file a status report with the Court of Appeals before June 16. The agency has remained silent on its second request filing for an indicative ruling, which reduces the odds of a summer resolution.
CoinGape analyst Mary Muthoni noted a 1,609% spike in Daily Active Addresses (DAA) on the XRP ledger on June 10. This uptick shows investor interest in XRP at the current price. This could be a sign of retail FOMO or whale accumulation.
Muthoni said,
“The DAA metric shows the number of unique wallets conducting XRP transactions or interacting with Ripple’s network within a 24-hour period. Therefore, a surge may reflect increased interest from retail traders and institutions. It could also show increasing XRP Ledger usage after Ripple partnered with Japan’s Web3 Salon to support growth and innovation on the blockchain.”
Two cohorts of whales have proven to be smart investors according to Santiment data. These investors accumulate XRP during periods of price consolidation or before a rally and sell during the uptrend, realizing massive profits. The addresses holding 1 million to 10 million XRP increased their holdings by 2.45 billion since November 7, 2024. These addresses now hold 6.29 billion coins. On the other hand, 10 million to 100 million whales accumulated 890 million tokens in the past four months.
Conclusion
XRP price is at an inflection point. A close above flag’s upper trendline opens the path to $10, while a breakdown below $1.61 could lead to a retest $1.28. The SEC’s June 16 update will likely decide the trend. Traders should watch volume spikes and OI changes for confirmation.
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