Despite most of the cryptocurrency market being in a loss state, with Bitcoin down 15% from its all-time high, Ripple (XRP) has shown strong momentum. Although XRP dropped 28% during the period from December 17 to 20, it exhibits tremendous strength from a market structure perspective. Therefore, this article explores whether the price of XRP can increase tenfold from $1 to reach the $10 target.
Will the price of XRP reach $10 in this bull market?
If the price of XRP needs to rise from the current $2.25 to $10, it would require an increase of about 345%. Given the recent volatility, there is a possibility that Ripple's price could reach the $10 target. This prospect is highly likely, especially with the launch of Ripple's RLUSD stablecoin and other partnerships, provided Bitcoin does not continue to crash.
XRP Technical Analysis: Can Ripple reach $10?
In 2024, the price of XRP soared by 365%, reaching a multi-year high of $2.90. From October 25 to December 3, it saw an increase of 498%. Due to this exponential movement, interest in the remittance token XRP has risen. Thus, despite the recent crash of Bitcoin, altcoins have still shown strength, breaking through key volatility lows and maintaining a bullish market structure.
Due to this strong performance, investors and speculators believe that the price of XRP has a long way to go in this bull market.
Additionally, the price movement of XRP between November 3 and December 23 formed a bull flag. From November 3 to December 3, XRP soared by 450%, forming the flagpole. After that, Ripple entered a consolidation phase, creating lower highs and lower lows, displaying the flag shape.
A bull flag is a continuation pattern that predicts a rebound equal to the height of the flagpole after a successful breakout.
According to this prediction, adding the height of the flagpole to the bottom of the flag results in a target price of $10. Therefore, theoretically, if the price of XRP breaks through the bull flag pattern shown below, it could reach $10.
XRP/USDT 4-hour chart
On the other hand, if Bitcoin continues to decline and falls into a bear market, a weekly candlestick closing price below $90,000 could negatively impact XRP. In this case, Ripple could invalidate the bullish flag setup and potentially trigger a correction to support levels of $1.5 and $1.
