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.
The post Can XRP Price Hit $10? appeared first on CoinGape.
