Three market analysts anticipate that XRP could soon reach the $10 threshold, with two citing a breakout of a triangle formation as a contributing factor.
XRP, being one of the victims of the current market correction, has faced a price cut to the $0.51 price level. The asset is down 16.4% this year despite topping $0.63 three days into the new year. XRP has also plunged 19.6% from its yearly high of $0.6394.
Market turmoil has intensified in recent days, leading to steeper declines for XRP. The crypto token has now recorded five consecutive intraday losses since January 21, with bears engineering a drop to $0.5084 in a bid to seal a sixth day of losses.
despite quickly recovering $0.51 This morning, XRP is still down when most assets are in the green. However, this bearish trend has not had much impact on the confidence of market watchers, who remain confident in the asset's potential to generate substantial gains.
XRP at $10: Bullish Triangle Breakout
In a recent series of separate unrelated analyses, three market observers have projected XRP to reach the $10 territory. One of these analysts, XForceGlobal, a leading TradingView educator, aforementioned a symmetrical triangle formed by XRP since 2021.
Analyst weekly chart data shows that from the high of $1.96 in April 2021.
The lower ascending trend line and the upper descending trend line essentially resulted in the formation of the symmetrical triangle.
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XRP has failed to break above or below the triangle since then. An attempt to do so in July 2023 met resistance at the high of $0.93.
As XRP approaches the zenith of the triangle, XForceGlobal believes that the crypto asset would first decline further to retest the lower trendline. The analyst then predicts a massive uptrend that would result in a bullish breakout.
According to him, the resistance of the triangle for three years is a metric that would further aggravate the pace of the increase.
He maintains 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 The potential of XRP in an analysis yesterday. CryptoBull noted that XRP's monthly chart features the formation of an ascending triangle within a broader ascending channel.
The wider ascending channel has persisted since 2014. However, the smaller ascending channel began after XRP fell from the all-time high of $3.3 in January 2018. The analyst expects 10 to $13 this year.
XRP at $10: Elliott Wave Structure
The third forecast came from Captain Toblerone, a cryptocurrency market educator. Unlike the other two who leveraged triangles for their analysis, Captain Toblerone used an Elliott Wave pattern to predict an imminent price rise for XRP in the near future.
The market observer believes that XRP is about to follow a 5-wave structure during its next price movements. His chart data suggests that XRP could rise to $0.90 in the first wave and then fall below the psychological threshold upon completion of the second wave.
he waits 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 see XRP fall to the $3 level. XRP is then expected to reach the price of $10 to $11.5 during the fifth and final wave.
Captain Toblerone notes that this trajectory is his mid-cycle dream for XRP, suggesting that this is the last chance to see this come to fruition. XRP is trading at $0.5135, requiring a 1.847% price increase to reach the $10 target.
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Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct extensive research before making any investment decisions. Crypto Basic is not responsible for any financial loss.
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