Can $XRP XRP soar to $10 before the end of 2024?

Breaking the 2018 pattern suggests……

After reaching $2.8 last week, XRP became a victim of price correction, falling in the past 24 hours. However, recent analysis shows that the token may still be undervalued. Does this mean XRP will soon bounce back into a bull market?

Is XRP undervalued?

XRP bulls have successfully pushed the token price up by 2% in the past seven days. But this trend did not continue, as bears took control of the market and pushed the token price down by more than 3% in the past 24 hours.

Today, XRP is trading at $2.25, with a market capitalization of over 967 billion.

Meanwhile, renowned cryptocurrency analyst Ali Martinez posted a tweet. According to the analysis, XRP broke through a multi-year bullish symmetrical triangle pattern a few days ago. This pattern emerged in 2018, and since then, the token's price has been consolidating within it.

Martinez mentioned that considering the breakout of the years-long pattern, he believes XRP is still undervalued. He pointed out possible targets. First, the conservative target is $8.4, and second, the optimistic target is $48.

The future path of XRP

While the analysis above suggests XRP is undervalued, the token experienced a pullback in the past 24 hours. AMBCrypto's observation of the token's technical indicators reveals possible reasons behind this.

We found that the token's Relative Strength Index (RSI) has fallen back from the overbought region—indicating increased selling pressure. The Money Flow Index (MFI) also shows a similar downward trend.

Surprisingly, the Chaikin Money Flow (CMF) tells a different story as it rises. An increase in the indicator suggests buying pressure is rising, and the market or asset may be entering an upward trend.

Sentiment data shows that the weighted sentiment around the token has entered negative territory. This indicates that bearish sentiment surrounding the token is increasing.

Nonetheless, XRP's trading volume has sharply declined as its trend turned bearish. When trading volume decreases alongside price, this implies a reversal of the bullish trend.

Additionally, open interest has also declined, further indicating a high probability of a change in the current price trend.

In summary: I personally believe that XRP can easily reach $5, reaching $10 may be possible after the ETF approval, after all, at $10 the market capitalization would exceed $4 trillion.