Three market analysts anticipate that XRP may reach the $10 threshold soon, with two citing a breakout from a triangle formation as a contributing factor.
XRP, being one of the victims of the ongoing market correction, has faced a price relegation to the $0.51 price level. The asset is down 16.4% this year despite breaching $0.63 three days into the new year. XRP has also collapsed 19.6% from its yearly peak of $0.6394.
The market turbulence has intensified in the past few days, resulting in steeper declines for XRP. The crypto token has now recorded five consecutive intraday losses since Jan. 21, with the bears engineering a drop to $0.5084 in an attempt to seal a sixth losing day.
Despite quickly recovering $0.51 this morning, XRP is still down today when most assets are in the green. However, this bearishness has not had much impact on the confidence of market watchers, who remain confident of the asset’s potential for substantial gains.
XRP to $10: Bullish Triangle Breakout
In a recent slew of separate unrelated analyses, three market watchers have projected XRP to reach the $10 territory. One of these analysts, XForceGlobal, a prominent TradingView educator, cited a symmetrical triangle formed by XRP since 2021.
Data from the analyst’s weekly chart shows that XRP formed the lower ascending trendline of the triangle after collapsing to a low of $0.1013 in March 2020. However, the asset did not form the upper descending trendline until the drop from the $1.96 high in April 2021.
The lower ascending trendline and the upper descending trendline essentially resulted in the formation of the symmetrical triangle.
XRP has failed to break above or below the triangle since then. An attempt to do so in July 2023 met resistance at the $0.93 high.
XRP 1W Chart | XForceGlobal
As XRP inches closer to the zenith of the triangle, XForceGlobal believes the crypto asset would first decline further to retest the lower trendline. The analyst then predicts a massive uptrend that would result in an upward breakout.
According to him, the triangle’s endurance for three years is a metric that would further compound the rate of the upward surge.
He contends that if this breakout occurs as predicted, his conservative price target is between $9 and $11, an average of $10, in the coming years.
CryptoBull, another notable analyst, also discussed XRP’s potential in an analysis yesterday. CryptoBull pointed out that XRP’s monthly chart features the formation of an ascending triangle within a broader ascending channel.
XRP 1M Chart | CryptoBull
The broader ascending channel has persisted since 2014. However, the smaller ascending channel began after XRP dropped from the $3.3 all-time high in January 2018. The analyst expects XRP to break above the triangle soon, hitting a price range of $10 to $13 this year.
XRP to $10: Elliott Wave Structure
The third forecast came from Capt. Toblerone, a crypto market educationalist. Unlike the other two who leveraged triangles for their analyses, Capt. Toblerone used an Elliott Wave pattern to predict an imminent price upsurge for XRP in the near future.
The market watcher believes XRP is about to follow a 5-wave structure during its next price movements. Data from his chart suggests XRP could rise to $0.90 in the first wave, and then drop below the psychological threshold in the completion of Wave 2.
He expects Wave 3 to then take XRP close to the $7.5 price level, marking a new all-time high. However, the correction coming with the fourth wave could bring XRP down to the $3 level. XRP is then expected to hit the $10 to $11.5 price during the fifth and final wave.
Capt. Toblerone notes that this trajectory is his mid-cycle run dream for XRP, suggesting that this is the last chance to see this materialize. XRP trades for $0.5135, requiring a 1,847% price surge to clinch the $10 target.
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