XRP Bulls Eye 48% Upsurge as Flag Pattern Forms

XRP has seen a significant gain of over 3% in the past 24 hours as the cryptocurrency market consolidates after its late-August rally. Despite the challenging macroeconomic environment, with market-implied expectations of a September interest-rate increase at approximately 60%, XRP's onchain activity and daily chart suggest a possibility of a larger move.

The Crypto Fear and Greed Index stands at 73, indicating that investors are in 'Greed' territory despite the recent pullback. This sentiment remains positive, but elevated optimism can make markets more vulnerable to profit-taking.

Active addresses on the XRP Ledger rose sharply in late August before gradually declining as trading volumes and network activity normalized. However, a previous signal of this type has preceded significant price movements for XRP.

XRP has developed a bullish flag pattern on its daily chart following its recent advance. A decisive breakout above $1.50 would support the continuation of the late-August rally, with the first major target sitting around $1.80 and a full technical projection placing XRP's target near $2.10, representing approximately 48% upside from the current price.