The XRP price is having a great time as it is on track for the third consecutive weekly gain. It has jumped above the crucial resistance at $1, raising the possibility that it will soar to its year-to-date high of $1.98. So, with the fear and greed index rising, will the Ripple price jump and hit $10?
Will Technicals Propel XRP Price To $10?
Crypto analysts are optimistic that XRP price is primed for a strong bullish breakout in the near term, with some expecting it to get to $10.
One of the most bullish cases has been that the coin has formed a seven-year bullish pennant, which is characterized by a long flag pole and a symmetrical triangle pattern. In most periods, this pattern leads a strong bullish breakout.
In an X post, Crypto Michael, a popular analyst with 55k followers, noted that he was fascinated by Ripple’s seven-year bullish pennant pattern. As such, he expects that the coin will have the most significant bullish breakouts in crypto history.
In another post, Armando Pantoja noted that the coin has a long history of staging strong breakouts, such as its move from $0.11 to $2 in 2020, a 1,718% increase. He also cited the fact that it has a tight Bollinger Bands, which happens before a strong bullish breakout.
Technicals show that a bullish case for the XRP price can be made. On the weekly chart, the coin has recently made a bullish breakout above $0.9351, its highest level on June 10. This was an important level since it was the neckline of the slanted triple-bottom pattern.
Ripple price has also formed a golden cross as the 50-day and 200-day moving averages have crossed each other, while the Average Directional Index (ADX) has pointed upwards. Therefore, the next resistance level to watch will be at $1.97, its April 2021 high followed by its all-time high of $3.54.
A break above the all-time high will increase the odds of the coin soaring to the psychological important level at $5. If bulls clear $5, then a move towards $10 will be possible.
XRP needs to rise by almost 800% from the current level to $10. As such, with the year having 41 more days to go, this will be an uphill task to accomplish. The most probable targets for the year will be at most $5, which is a big move from the current level.
The bullish view will become invalidated if the coin drops below the psychological level at $0.50, which also coincides with the ascending trendline.
Reasons Why Ripple is Primed to Explode in 2024
Fundamentally, Ripple faces several potential catalysts. The most notable one is the recent Donald Trump victory, which will usher in a new era of regulations in the SEC. For one, Gary Gensler, who has ruled through lawsuits, is expected to exit before Trump takes office.
The implication of this is that the new SEC may work to reset its relationship with the crypto industry by ending some of the lawsuits. In particular, it may decide to end its appeal on the ongoing Ripple case. Such a move will increase the likelihood of a Ripple ETF as soon as in 2025.
Further, Ripple is working on RLUSD, a stablecoin pegged 1:1 to the US dollar. A stablecoin is a big deal because it will help Ripple implement its cross-border payments network better. As we have seen with Tether, a stablecoin can be highly profitable. Indeed, the World Bank has identified Ripple as a potential game changer in provision of cross-border institutional liquidity.
XRP price may receive a bump when Ripple Labs decides to go public as its officials have hinted in the past.
Summary: Can XRP Hit $10 In 2024?
Therefore, these positive catalysts mean that the odds of a strong XRP price rally are increasing. While a move to $10 may not happen this year, there are chances that it will happen in 2025. Besides, Ripple has a combination of strong technicals and fundamentals, to push it higher in the longer term.
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