The XRP price chart has a ‘bull flag’ consolidation level, but it targets $15

XRP (XRP) stalled after a six-week rally as profit-booking slowed the altcoin's rally to $3.00.

The XRP/USD pair is down 2% in a corrective trend that began after closing at $2.90 on December 16. The price in the last six weeks.

RLUSD stablecoin hype boosts XRP price

XRP is gaining attention not only because of its outperformance over the past few weeks, but also because of major developments in the XRP Ledger (XRPL) ecosystem, including the upcoming RLUSD stablecoin.

At 1:1 to the US dollar, RLUSD is set to launch on the XRPL and Ethereum blockchains and is backed by cash reserves and US Treasury bills. RLUSD requires XRP for transaction fees.

After receiving approval from New York's Department of Financial Services, the stablecoin could be widely used for trade and savings, especially in developing economies, Acclar founder Georgios Vlakos said.

According to Vlachos, this will greatly increase the adoption of XRP as a payment token by 2025. Acceler's communication platform also connects XRPL with 69 other blockchains, enabling seamless integration.

Meanwhile, Ripple's Chief Technology Officer David Schwartz has warned investors about supply constraints and price volatility at launch for RLUSD.

Schwartz responded to concerns about pre-launch offers that appear to inflate the value of RLUSD, explaining that such high bids reflect people seeking the novelty of holding the first RLUSD tokens rather than reflecting actual market value.

The Ripple executive confirmed that once supply and demand return to normal, the Stablecoin price will remain close to its projected $1, despite these expected fluctuations.

Open demand for XRP is still high.

Expectations for a crypto-friendly regulatory environment under Trump's presidency and the pending launch of the RLUSD led to a surge in XRP-tracked futures, with open interest (IO) hitting a record high on December 3.

Open demand is a key metric that traders and analysts use to assess market sentiment and predict future price movements.

Higher open interest simply indicates that more money is entering the market, increasing the likelihood that the trend will continue.

XRP's massive bull flag has targeted $15

The XRP/USD pair is expected to continue its current bullish momentum despite the price correction, drawing a classic technical structure at the forefront.

Dubbed the “bull flag”, the pattern is formed when the price consolidates in a downtrending channel (flag) followed by a strong upward move (flag). Finally, the price breaks above the upper trend line of the channel, typically rising as high as the flag pole. Height.

XRP's recent price action has caused it to form a similar bullish flag pattern as seen in the chart above. So, the next bullish target, the flagpole height, comes in around $15, which is 520% ​​higher than the current price.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.