XRP price is in its second consecutive of losses as cryptocurrencies remain under intense pressure amid trade tensions. Ripple fell to a low of $1.790 on Monday and then pared back some of the 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 for now since it is above the 100-week and 50-week Exponential Moving Averages (EMA). It has also jumped above the key support level at $1.9847, its highest level on April 12 last year.
XRP is in the process of 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, as it is happening this week.
Therefore, the coin may surge in the next few weeks. More gains will be confirmed if the XRP price rises above the key resistance level at $3.3877. A move above that level will point to more gains, potentially to the psychological point at $5.
XRP needs to rally by about 300% to get to $10, which is possible since the coin jumped by 480% from its lowest level in November to its 2024 high. However, it is unlikely that the coin will get to $10 this month unless something major happens.
XRP price chart by TradingView
Potential Ripple Price Catalysts
There are some potential XRP price catalysts that 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%. An approval will be beneficial to 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 are chances that XRP may be added in the Strategic Bitcoin Reserve (SBR).
