The price of XRP is experiencing its second consecutive loss as cryptocurrencies remain under intense pressure amid trade tensions. On Monday, Ripple fell to a low of $1.790, then slashed some gains to the current $2.5100.
So, can XRP realistically jump to $10, as some crypto analysts predict?
XRP Price Analysis: Can it Hit $10 in February?
The weekly chart shows that the XRP coin has been highly volatile in the past few months. It recently jumped to a high of $3.3877 and then crashed to $1.7907 on Monday.
The coin remains highly bullish, as it is above the 100-week and 50-week Exponential Moving Averages (EMA). It has also jumped above the key support level of $1.9847, its highest level on April 12 last year.
XRP is forming a hammer pattern, which is made up of a long lower shadow and a small body. A hammer happens during a downtrend and is one of the most popular reversal patterns.
In most cases, a stronger bullish breakout happens when the lower shadow of the hammer is long, like this week.
Therefore, the coin may surge in the next few weeks. If the XRP price rises above the key resistance level of $3.3877, further gains will be confirmed, potentially to the psychological point of $5.
XRP needs to rally by about 300% to reach $10, which is possible since the coin jumped by 480% from its lowest level in November to its 2024 high. However, unless something major happens, it is unlikely that the coin will reach $10 this month.
Potential Ripple Price Catalysts
Some potential XRP price catalysts will push it higher in the long term. First, the XRP Ledger ecosystem is doing well, with top tokens like Crypto Trading Fund, XRP Army, Salute, and PHNIX gaining traction in the crypto industry.
Second, Polymarket odds that the Securities and Exchange Commission (SEC) will approve spot XRP ETFs are rising and currently stand at 80%. Approval will benefit XRP price because of the substantial hype surrounding the launch and the inflows from Wall Street investors.
Third, the Ripple USD (RLUSD) token is gaining traction as the market cap jumped to over $108 million and 24-hour volume moved to over $300 million. Also, there is a chance that XRP may be added to the Strategic Bitcoin Reserve (SBR).
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