The Centralized Radio Access Network (C-RAN) provides a valid solution to overcome the problem of traditional RAN in scaling up to the needed processing resource and quality expected in 5G. The Common Public Rate Interface has been defined to transport traffic flows in C-RAN and recently some market solutions are available. Its disadvantage is to increase by at least 10 times the needed bandwidth and for this reason its introduction will be gradual and will coexist with traditional RAN solutions in which Ethernet traffic is carried towards the radio base stations. In this paper, we propose an Xhaul optical network architecture based on Optical Transport Network (OTN) and Dense Wavelength Division Multiplexing (DWDM) technologies. The network allows for a dynamic allocation of the bandwidth resources according to the current traffic demand. The network topology is composed of OTN/DWDM rings and the objective of the paper is to evaluate the best configuration (number of rings and number of wavelengths needed) to both to minimize the cost and to provide an implementable solution. We introduce an analytical model for the evaluation of the number of wavelengths needed in each optical ring and provide some results for 5G case studies. We show how, although the single ring configuration provides the least cost solution due to the high statistical multiplexing advantage, it is not implementable because it needs switching apparatus with a too high number of ports. For this reason, more than one ring is needed and its value depends on several parameters as the offered traffic, the number of Radio Remote Units (RRU), the percentage of business sub-area and so on. Finally, the analytical model allows us to evaluate the advantages of the proposed dynamic resource allocation solution with respect to the static one in which the network is provided with a number of wavelengths determined in the scenario in which the radio station works at full load. The bandwidth saving can be in the order of 90% in a 5G traffic scenario.