This month, the XRP price continued firing on all cylinders as its $181 billion market cap overtook popular companies like KKR, Comcast, Unilever, Shopify, and Airbus. Ripple has jumped by over 700% from its lowest point in 2024. So, can the XRP token soar to $10, as many crypto experts predict?
Xrp Price Technical Analysis: Can Ripple Hit $10?
The XRP token was trading at $3.15 on Tuesday morning, meaning it needs to rise by 217% to reach $10. Since August last year, the coin has jumped by over 700%, so another 200% jump is possible.
The monthly chart shows that the Ripple price formed a strong bottom at around $0.207 between 2019 and last year. The neckline of this pattern was at $1.9692, its highest swing since 2021, which it has now successfully crossed.
The XRP price is now approaching its all-time high of $3.5470. When it reaches that level, there are two potential scenarios. First, it may retreat as some investors start selling, since that level is a crucial resistance point. Second, XRP may flip that level and convert it into a support point.
A move above that price means more bulls are ready to take it higher, potentially to the next psychological point at $5.
Another way to view it is to view the price action between 2017 and 2025 as part of a cup-and-handle pattern. If this is correct, one can estimate the next Ripple target by measuring the depth of this cup and then extrapolating the distance from its upper side.
In this case, the depth is about 95%. Measuring the same distance from the cup’s upper side brings the Ripple target to $6.9.
However, this price forecast suggests that it will take a long time for the XRP price to rally to $10.
Potential Catalysts for Ripple Price
The XRP price has numerous catalysts that could push it higher in the next few years. First, there are signs that whales have continued to buy more XRP tokens even as the price nears its all-time high. Data shows that whales have accumulated over 100 million whale tokens in the past few days, continuing a trend that has been going on for months.
Second, Ripple Labs may finally decide to launch its Initial Public Offering (IPO). Besides, its token is doing well, and regulations are expected to be better than during the Biden era. An IPO may generate more buzz about the coin ahead of its launch.
Third, the XRP Ledger may continue to perform well as more developers join the network. This growth has started to happen as the RLUSD stablecoin has become more popular. Its daily trading volume jumped to a record $387 million, much higher than the total supply of $72 million.
Some top players in the XRP ecosystem have attained a multi-million dollar valuation. The biggest ones are Sologenic, Crypto Trading Fund, and XRP Army.
The cherry on top is that the SEC will likely approve a spot XRP ETF, leading to more inflows and hype. JP Morgan analysts estimate inflows of about $8 billion.
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