XRP has been making headlines this month as its price continues to surge, hitting its highest level since November 2021. As the cryptocurrency gains momentum, there is growing speculation about whether it can push even higher. With some analysts setting their sights on a potential $10 price target, what are the technical and fundamental factors driving this optimism, and is $10 achievable for XRP before the year ends?

XRP’s Strong Price Movement

XRP has been on a remarkable rally, recently breaking through key resistance levels. After consistently gaining for the past few weeks, the coin has risen above $1, and analysts are now looking at a possible move toward its year-to-date high of $1.98. While the market sentiment appears optimistic, many are questioning whether XRP can continue its upward trajectory and even hit the elusive $10 mark in 2024.

Crypto analysts have noted that XRP’s recent price movements align with several bullish indicators, fueling speculation about a major breakout. However, reaching $10 would require a nearly 800% increase from its current price. Is such a leap possible in just over a month? Let’s break down the technicals and factors that could contribute to such a move.

Technical Indicators Point to a Bullish Trend

One of the primary reasons analysts are optimistic about XRP’s potential is its bullish technical setup. XRP has formed a seven-year-long bullish pennant pattern, which typically signals strong upward momentum. This formation consists of a long flagpole followed by a symmetrical triangle, and such patterns are often followed by a breakout to the upside.

Popular analyst Crypto Michael, who has a large following in the crypto community, has pointed out that the XRP chart’s bullish pennant could lead to one of the most significant breakouts in cryptocurrency history. This pattern has caught the attention of many traders, leading them to believe that XRP could high in the near future.

Key Price Levels to Watch

XRP’s recent breakout above $0.9351 is another strong bullish signal. This level had previously served as a significant resistance point, and its breach suggests that XRP is setting the stage for further gains. The next resistance to watch is around $1.97, which corresponds to its April 2021 high. If XRP can surpass this level, it may target its all-time high of $3.54.

For XRP to reach $10, it would need to break through several crucial price points. Analysts suggest that if it surpasses $3.54, the next psychological target would be $5. Should it clear that level, the $10 mark could become attainable, though it remains a tall order for 2024.

XRP’s Fundamentals: A Growing Number of Catalysts

While technicals paint a promising picture, there are also several fundamental factors that could propel XRP higher in the coming months.

One key driver for Ripple and XRP is the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The outcome of this case could have major implications for XRP’s future. If the SEC case is resolved in Ripple’s favor, it would clear the path for greater institutional adoption of XRP and could even lead to the discovered of an XRP ETF (Exchange-Traded Fund) by 2025. This development could significantly boost XRP’s price and public perception.

Additionally, Ripple is working on its stablecoin project, RLUSD, which is pegged 1:1 to the U.S. dollar. A successful discoverd of RLUSD could further solidify Ripple’s position in the cross-border payments sector, enhancing its credibility and adoption. Ripple’s partnership with the World Bank for improving cross-border liquidity also bodes well for XRP’s future prospects.

Can XRP Hit $10 This Year?

While there’s a growing sense of optimism surrounding XRP, the path to $10 remains uncertain. Analysts believe that a move to $5 is a more realistic target for the remainder of 2024, given the bullish technical patterns and the ongoing legal developments. However, the rapid growth of the broader crypto market and the potential for positive news from Ripple’s legal case or partnerships could push XRP toward new highs faster than anticipated.

At this stage, a move to $10 might seem like a stretch, but with strong technicals and multiple positive catalysts on the horizon, XRP could be setting itself up for even greater success in 2025.

Conclusion: Is $10 Realistic for XRP?

While a $10 XRP price in 2024 seems unlikely, it’s not completely out of the realm of possibility if certain conditions align. XRP’s strong technical indicators, coupled with favorable developments in its legal battle and business expansion, suggest that Ripple’s native coin has the potential to continue its bullish rally. For now, a target of $5 appears more achievable for the remainder of the year, but XRP’s future looks bright as it continues to gain momentum.