The XRP price continued firing on all cylinders this month 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 that it needs to rise by 217% to get to $10. For a coin that has jumped by over 700% since August last year, another 200% jump is possible.
Turning to the monthly chart, we see 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 at $3.5470. There will be two potential scenarios when it gets to that level. 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 look at it is to view the price action between 2017 and 2025 as being part of a cup and handle pattern. If this is correct, then one can estimate the next Ripple target by measuring the depth of this cup and then extrapolating the distance from the cup’s 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.
Therefore, the takeway of this price forecast is that it will take a long time for the XRP price to rally and get to $10.
XRP price chart | Source: TradingView
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 it 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, while regulations are expected to be better than during the Biden era. An IPO may lead to more buzz into 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, a move that will lead to more inflows and hype. JPMorgan analysts estimate inflows of about $8 billion.
