Can XRP Price Hit $10?

Although the majority of the crypto market is in the red with Bitcoin down 15% from its all-time high, Ripple (XRP) shows strength. Although, XRP has shed 28% between December 17 and 20, from a market structure standpoint, it shows massive strength. As a result, this article explores if XRP price can 10X from $1 and hit a $10 target.

Will XRP Price Touch $10 This Bull Run?

If XRP price needs to hit $10 from the current level of $2.25, it needs to shoot up roughly 345%. Considering the recent volatility it is possible for Ripple price to achieve a $10 target. With the launch of Ripple’s RLUSD stablecoin and other partnerships, this outlook is highly likely especially if Bitcoin does not extend crash.

XRP Tecnical Analysis: Can Ripple Hit $10?

XRP price has shot up 365% in 2024 and hit a multi-year high of $2.90. From October 25 to December 3, it grew 498%. Due to this exponential move, the interest surrounding XRP, a remittance token, has been up. As a result the altcoin has displayed strength despite the recent Bitcoin crash and has broken key swing lows and maintained its bullish market structure.

Due to this show of strength investors and speculators believe that XRP price still has a long way to go in this bull run.

Furthermore, XRP price action between November 3 and December 23 formed a  bull flag setup. Between  November 3 and December 3, XRP shot up 450% forming a flag pole. Following this, Ripple slipped into consolidation, forming lower highs and lower lows, showing the flag.

Bull flag is a continuation pattern that forecasts a rally equal to the height of the flag pole on successful breakout to the upside.

Based on this  forecast, adding the height of the flagpole to the bottom of the flag reveals a target of $10. Hence, from a theoretical standpoint, XRP price can hit $10 if it traverses the bull flag patter as seen in the below chart.

On the other hand, if Bitcoin continues its descent and slips into a bear market, dropping below $90K with a weekly candlestick close, it could negatively impact XRP. In such a case, Ripple could invalidate the bullish flag setup and potentially trigger a correction to $1.5 and $1 support levels.

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Akash Girimath

Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.