XRP price is having a good run and is on track for a third straight week of gains. It has broken through the key resistance level of $1 and is on track to surge to its year-to-date high of $1.98. So, with the Fear and Greed Index rising, will the XRP price rise and reach $10?
Will Technical Factors Drive XRP Price to $10?
Cryptocurrency analysts are optimistic that XRP price will see a strong breakout in the near term, with some predicting it will reach $10.
One of the most bullish scenarios is that the coin has formed a seven-year bullish pennant, which is characterized by a long flagpole and a symmetrical triangle pattern. Most of the time, this pattern leads to a strong bullish breakout.
In an X post, Crypto Michael, a well-known analyst with 55,000 followers, noted that he is fascinated by XRP’s seven-year-old bullish pennant pattern. As a result, he expects XRP to see the most significant bullish breakout in the history of cryptocurrencies.
In another post, Armando Pantoja noted that the coin has a long history of strong breakouts, such as its 1,718% increase from $0.11 to $2 in 2020. He also noted that the coin’s Bollinger Bands are tight, which occurs before strong bullish breakouts.
Technically, XRP price is showing bullish signs. On the weekly chart, the coin recently broke above $0.9351, which was the highest level on June 10. This is an important level as it is the neckline of the inclined triple bottom pattern.
Ripple price has also formed a golden cross as the 50-day and 200-day moving averages crossed each other, while the Average Directional Index (ADX) pointed upwards. Therefore, the next resistance to watch would be $1.97, which was the April 2021 high, followed by the all-time high of $3.54.
A breakout above the all-time high will increase the possibility of the coin surging to the important psychological level of $5. If the bulls break above $5, a move towards $10 is possible.
XRP would need to rise nearly 800% from current levels to reach $10. So, given that there are still 41 days left in the year, this will be a difficult task. The most likely target for this year is a maximum of $5, which is a big difference compared to the current levels.
The bullish view will be invalidated if the currency breaks below the $0.50 psychological level, which also coincides with the uptrend line.
Reasons why Ripple is expected to explode in 2024
Fundamentally, Ripple faces several potential catalysts. The most notable is Donald Trump’s recent victory, which will usher in a new era of SEC regulation. First, Gary Gensler, who makes rulings through litigation, is expected to exit before Trump takes office.
This means that the new SEC may reshape its relationship with the cryptocurrency industry by ending some of its litigation. In particular, it may decide to end the appeal of the ongoing Ripple case. This move will increase the possibility of a Ripple ETF as early as 2025.
Additionally, Ripple is developing RLUSD, a stablecoin pegged 1:1 to the US dollar. Stablecoins are significant because they will help Ripple better implement its cross-border payment network. As we have seen with Tether, stablecoins can be highly profitable. In fact, the World Bank has identified Ripple as a potential game changer for providing cross-border institutional liquidity.
As Ripple Labs officials have hinted in the past, XRP’s price could rise when Ripple Labs decides to go public.
Summary: Can XRP reach $10 in 2024?
Therefore, these positive catalysts mean that the probability of a strong upward move in XRP price is increasing. While a move to $10 may not happen this year, it could happen by 2025. Moreover, Ripple has strong technical and fundamentals that could propel it higher in the long term.
