Soaring by 404.4% on a yearly basis, Ripple’s (XRP) market value hit a new all-time high of $3.65 two weeks ago. The fresh milestone has rewarded XRP Army after 7 years of waiting, despite hitting close to the previous $3.40 all-time high (ATH) multiple times at the beginning of the year.
Will XRP Price Tap $10 Due To This Outburst?
When the positive legal headwinds in the SEC vs. Ripple case flipped the perspective back to bullish, XRP garnered mass media attention amidst Donald Trump’s crypto strategic reserve announcement. Now, seasoned crypto analysts are witnessing XRP price nicely holding up against the horizontal support level on the 4-hour charts.
This is known as a classic bullish reversal pattern, notes Alpha Crypto Signal. Indicating strong demand around the $3.05 – $3.10 price territory, this behavior is a perfect example of a full-on bull reversal, if paired with accelerating trading volumes.
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In order to set Ripple’s (XRP) $10 price target in motion, the popular remittance altcoin would have to sustain above $3.25 and reclaim $3.50. Notably, that will depend not only on XRP coin’s trading volumes, but also on the development of a Ripple-based ETF, the usage of RLUSD & legal wins, like the Genius & Clarity Acts.
On Thursday, XRP Ledger’s volumes on Spot markets revolved around $5.8 billion, netting considerably less than the $10 billion two weeks ago. On the Derivatives side, the action was way more intense – over $10 billion in Ripple coin (XRP) was traded in 24 hours on various levels of leverage.
The freshest XRP Perpetuals statistics were harsh on the bulls, whipping out $13.30 million worth of long positions. Meanwhile, the short-selling XRP players, otherwise known as crypto bears, took a $3.06 million loss in the same time window, per CoinGlass.
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A double bottom is a bullish chart pattern where XRP’s price hits a low point twice, suggesting strong support. DailyCoin notes this could signal a potential price rebound toward higher levels.
Analysts predict $10 by 2030 due to regulatory clarity from the SEC case resolution and growing adoption of Ripple’s payment solutions. However, reaching $10 sooner depends on market momentum and institutional interest.
XRP’s price is influenced by Ripple’s partnerships with banks, its role in cross-border payments, and regulatory developments. DailyCoin highlights that institutional inflows and market sentiment also play a big role.
The double bottom suggests a potential upward move, but crypto is volatile. Research thoroughly & check out official Ripple’s social media channels for official updates on RippleNet.
Market volatility, regulatory hurdles, or competition from stablecoins could limit XRP’s growth. DailyCoin notes that profit-taking after rallies, as seen recently, can also cause price dips.
