The XRP price staged a strong comeback this month, crossing an important resistance level as the crypto market rally intensified. Ripple was trading at $3, the highest point since March, and a few points below the year-to-date high of $3.3850. So, can the XRP token reach $10 this year?
XRP Price Technical Analysis: Can Ripple Hit $10?
The ongoing XRP price surge has pushed some analysts to predict that it will surge to $10 this year. Such a move would signal a 233% surge from the current level.
Assuming the supply remains the same, that surge would bring its market capitalization to $559 billion, which is reasonable since Bitcoin and Ethereum are currently valued at over $2.35 trillion and $360 billion, respectively.
Most importantly, a 233% surge, while big, is possible since the coin has done it before. For example, it surged by nearly 500% in less than a month in November last year.
The daily chart shows that the XRP price staged a strong comeback this month, moving above the upper side of the symmetrical triangle pattern that formed between December and July.
This triangle pattern was part of the bullish pennant pattern, a highly bullish sign in technical analysis. This pattern is made up of a vertical line and a symmetrical triangle.
The profit target in a bullish pennant is established by first measuring the height and then taking the same distance from its upper side. This height is about $2.8925. Adding this figure from the neckline gives the target price at $6.27.
A surge to $10 will only be confirmed if the token rises above that target level and if top fundamentals allow. In the short term, the immediate target to watch will be at $3.3850, the highest point this year.
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Key Catalysts for the Ripple Token
The XRP price surge to $10 will depend on a few factors. First, and most importantly, it will depend on the performance of the crypto market.
The odds of it reaching $10 will increase if Bitcoin continues to rise, as many analysts expect. For example, Polymarket traders believe that the coin will jump to over $200,000 later this year. Such a move would lead to more gains among altcoins.
Second, XRP is expected to surge as investors cheer the potential approval of an ETF by the Securities and Exchange Commission (SEC). Existing data shows that there is a high demand for crypto ETFs, as spot Bitcoin ETF inflows jumped to over $52 billion.
Ethereum ETFs crossed the important milestone of $5 billion last week, while the XXRP ETF has added over $200 million in assets. As such, spot XRP ETFs may cross the $5 billion inflows milestone.
Further, the XRP price may benefit from the GENIUS Act, which aims to regulate stablecoins. A key benefit is that Ripple USD is already regulated, while Tether is not. As such, some users may migrate to USDC or RLUSD if USDT fails to meet the regulatory standards.
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