Is $10 XRP Price Technically Possible in 2024?

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As a seasoned crypto investor with over a decade of experience in this wild and wacky market, I have seen my fair share of bull runs and bear markets. The current XRP price action has certainly piqued my interest, especially with its third consecutive weekly gain propelling it above the $1 mark.

The XRP’s current price surge indicates a third straight weekly increase, suggesting a positive trend. It has breached a significant barrier at $1, hinting at potential further growth up to its highest point this year, which was $1.98. Given the rise in investor sentiment as indicated by the fear and greed index, one might wonder if XRP’s price could reach $10.

Will Technicals Propel XRP Price To $10?

Cryptocurrency experts believe that the value of XRP could surge significantly in the short term, potentially reaching as high as $10, according to their positive outlook.

One optimistic viewpoint suggests that the currency’s price movement over the past seven years resembles a bullish pennant, marked by a lengthy flagpole followed by a symmetrical triangle formation. Historically, such patterns often precede a powerful surge in price, indicating a strong bullish breakout might be imminent.

In a recent post on X, well-known cryptocurrency analyst Crypto Michael, who boasts 55k followers, expressed his intrigue over Ripple‘s seven-year bullish pennant formation. He anticipates that this could lead to the most remarkable bullish breakouts ever seen in the crypto world.

Previously, Armando Pantoja pointed out that this digital currency has a significant past of powerful surges, like its leap from $0.11 to $2 in 2020, representing an impressive growth of approximately 1,718%. Moreover, he emphasized that the Bollinger Bands for this coin are currently quite tight, which historically precedes a robust bullish surge.

Based on technical analysis, there are strong indications that XRP’s price could rise. On a weekly scale, the coin has just broken through a significant resistance at $0.9351, marking its highest point since June 10th. This level is noteworthy because it represented the neckline of an inclined triple-bottom formation pattern.

As a crypto investor, I’ve noticed an exciting development with Ripple – it’s just experienced a ‘golden cross,’ where the 50-day and 200-day moving averages have intersected upwardly. Additionally, the Average Directional Index (ADX) is signaling a strong trend. This suggests potential future growth. The next significant resistance levels to keep an eye on are $1.97, which was its peak in April 2021, and subsequently its all-time high of $3.54.

Reaching a new record high significantly boosts the likelihood of the coin reaching the psychologically significant level of $5. Once $5 is surpassed by buyers, a potential journey up to $10 becomes plausible.

For XRP to reach $10 from its current value, it would require a nearly 800% increase. Given that there are only 41 days left in the year, achieving this goal seems quite challenging, or an uphill battle. The most likely price targets for the remainder of the year might not exceed $5, which is still a significant leap from its current level.

If the coin falls below the significant point of $0.50, this bullish outlook could be called into question as it intersects with the rising trendline as well.

Reasons Why Ripple is Primed to Explode in 2024

Essentially, Ripple could experience various triggers for change. One significant event is the recent election of Donald Trump, which may lead to a shift in SEC regulations. Notably, Gary Gensler, known for his legal battles, might step down prior to Trump’s presidency, potentially paving the way for new rulemaking.

This suggests that the revamped SEC could be looking to rebuild its ties with the cryptocurrency sector by dropping some legal actions, potentially including the appeal on the ongoing Ripple lawsuit. Such a step might pave the way for a Ripple-based ETF as early as 2025.

Additionally, Ripple is developing RLUSD, a digital currency that maintains a fixed value equivalent to the US dollar. This type of currency, known as a stablecoin, holds significant importance because it will enhance Ripple’s ability to establish an efficient cross-border payments system. As demonstrated by Tether, stablecoins can yield substantial profits. Notably, the World Bank recognizes Ripple as a promising contender for transforming the delivery of cross-border institutional liquidity.

The cost of XRP could potentially increase if Ripple Labs chooses to become a publicly-traded company, a possibility suggested by their officials previously.

Summary: Can XRP Hit $10 In 2024?

Consequently, these favorable factors suggest a growing likelihood of an XRP price surge. Although reaching $10 might not occur this year, there’s potential for it to happen by 2025. Moreover, Ripple’s robust technical and fundamental aspects could propel it upward in the long run.

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2024-11-21 13:52