XRP kicked off the new year on a strong note, with a 10% price increase in just 24 hours. This surge comes after an impressive accumulation of 350 million XRP over the last two days.

On-chain data suggests that this bullish momentum might continue. So, what’s next for XRP?

On December 31, 2024, XRP was valued at $2.12. Now, it has risen to $2.36, making it the top gainer among the ten leading cryptocurrencies.

Research from BeInCrypto shows that this price jump likely ties back to significant XRP accumulation. According to Santiment, addresses holding between 100 million and 1 billion XRP increased their total balance from 9.36 billion to 9.71 billion. That’s a purchase of 350 million tokens worth about $826 million!

This kind of large-scale accumulation usually signals strong buying pressure. If this trend keeps up, we could see XRP’s price climb even higher.

Additionally, on-chain data reveals a notable rise in XRP’s social dominance. This metric measures how much attention the market is giving a cryptocurrency. When it increases, it means people are talking more about XRP compared to other assets in the top 100. Right now, XRP’s social dominance stands at 5.61%. If it maintains this attention, demand for the token could grow, potentially pushing the price above $3 this month.

Looking at the charts, XRP closed last year above $2. It has formed a bull flag pattern. This pattern, resembling a flag on a pole, is a strong signal in cryptocurrency analysis.

A bull flag forms after a strong price increase followed by a short period of consolidation. This often leads to another price surge as investors anticipate further upward movement. Typically, if the price breaks below the flag, a correction occurs. But here, XRP has broken above the flag. This could suggest a rise to $3.25.

If XRP continues to accumulate in large volumes, we might see even higher prices. However, if there’s significant selling pressure, the trend could shift, and the price might drop to $1.80.