Exploring whether XRP can reach $10 in this bull market and how this technical chart pattern indicates that such a prospect for Ripple is possible.
Despite most of the cryptocurrency market being in a loss position, with Bitcoin down 15% from its historic high, Ripple (XRP) has shown strong momentum. Although XRP fell 28% between December 17 and 20, it demonstrated tremendous strength from a market structure perspective. Therefore, this article explores whether XRP's price can increase tenfold from $1 to reach the $10 target.
Will XRP's price touch $10 in this bull market?
If XRP's price needs to rise from the current $2.25 to $10, it needs to increase by about 345%. Considering the recent volatility, there is a possibility that Ripple's price could reach the $10 target. With the launch of Ripple's RLUSD stablecoin and other partnerships, this prospect is highly likely, especially if Bitcoin does not continue to crash.
XRP Technical Analysis: Can Ripple reach $10?
In 2024, XRP's price soared 365%, reaching a multi-year high of $2.90. From October 25 to December 3, it increased by 498%. Due to this exponential trend, interest in the remittance token XRP has risen. Therefore, despite Bitcoin's recent crash, altcoins continue to show strength, breaking through key volatility lows and maintaining a bullish market structure.
Due to this strong performance, investors and speculators believe that XRP's price still has a long way to go in this bull market.
Additionally, the price trend of XRP between November 3 and December 23 formed a bullish flag. Between November 3 and December 3, XRP surged 450%, forming the flagpole. After that, Ripple entered a consolidation phase, creating lower highs and lower lows, showing the flag pattern.
A bullish flag is a continuation pattern that predicts that the height of the rebound will be equal to the height of the flagpole after a successful breakout upward.
According to this prediction, adding the height of the flagpole to the bottom of the flag gives a target price of $10. Therefore, theoretically, if XRP's price breaks through the bullish flag pattern shown in the diagram below, it could reach $10.
On the other hand, if Bitcoin continues to decline and falls into a bear market, a weekly candle chart closing price below $90,000 could have a negative impact on XRP. In this case, Ripple may invalidate the bullish flag setup and could trigger a correction to the support levels of $1.50 and $1.00.
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