Is a $10 XRP price achievable in 2024?

The possibility of XRP reaching $10 in 2024 is an ambitious prediction, but it is not entirely out of the realm of possibility. While XRP has recently demonstrated strong price performance, rising 324% from its lowest point in 2024 and peaking at $1.6305, analysts remain divided on whether it can achieve such a massive jump in the near future.

Current State of XRP

As of November 25, XRP traded at $1.4381, meaning it would need to increase by around 600% to reach $10. While such an increase would far exceed its recent performance, it’s worth noting that XRP has historically shown the ability to experience dramatic price movements. For instance, it saw an 1,800% increase from its lows in 2020 to its all-time high of $3.84 in 2021. This historical precedent suggests that substantial price surges are possible, though not guaranteed.

Catalysts for Growth

Several fundamental catalysts could support XRP’s bullish trajectory and potentially drive the price higher in 2024:

Ongoing Legal Issues and SEC Resolution:

• One of the most significant factors influencing XRP’s price is the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). If Ripple is successful in resolving this case, particularly if the case is settled or ruled in Ripple’s favor, the market could respond positively. Analysts like Edo Farina believe that political shifts, such as a potential victory by Donald Trump in the 2024 elections, could accelerate a resolution of the SEC case. A favorable outcome could lead to renewed investor confidence and market optimism for XRP.

Partnerships and New Developments:

• Ripple has also been expanding its network, including its partnership with Archax to launch a tokenized fund on the XRP Ledger. This signifies renewed activity on the XRP network and may attract more institutional and retail interest. Furthermore, Ripple’s efforts to develop a stablecoin, RLUSD, to compete with established players like Tether (USDT) and USD Coin (USDC) could also have positive implications for XRP’s utility and adoption.

IPO Rumors:

• Another potential driver for XRP’s price is Ripple’s rumored Initial Public Offering (IPO). While Ripple postponed its IPO plans due to challenges from the SEC, a shift in the regulatory environment in 2024 could pave the way for Ripple to go public. An IPO would bring increased visibility to Ripple and could trigger a surge of interest from institutional investors, potentially boosting the price of XRP.

Technical Analysis and Price Action

From a technical analysis perspective, XRP is showing positive momentum. It has recently broken significant resistance at the $0.9350 level, which is the neckline of a slanted triple-bottom pattern. Additionally, XRP has moved above both the 50-week and 200-week Exponential Moving Averages (EMAs), which typically signals positive price action. There are also indications of a bullish pennant pattern forming, which is often seen as a continuation pattern that suggests the potential for further price increases.

However, while XRP may continue to climb toward its all-time high of $1.96 and could possibly reach the $5 range, a leap to $10 would require several extraordinary developments. Such a jump would represent a dramatic increase in both price and market cap, something that has not been seen for XRP in recent history.

Challenges to Reaching $10

While XRP has the potential for continued price growth, especially with the aforementioned catalysts, several factors make a $10 price point highly unlikely in 2024:

Market Sentiment:

• Cryptocurrencies, in general, are highly volatile and subject to changing market conditions. The broader market sentiment, including Bitcoin’s price movement and the general state of global financial markets, will play a significant role in determining XRP’s price. A large rally across the market would be needed to drive XRP to $10, and even then, it would require a huge surge in adoption and market cap.

Regulatory Concerns:

• Despite the potential resolution of the SEC case, regulatory uncertainty remains a challenge for XRP. Changes in global regulations, particularly in the U.S. or Europe, could introduce headwinds that limit the potential for extreme price growth in the short term.

While XRP has shown impressive growth in 2024 and could continue to see upward momentum, a surge to $10 by the end of 2024 remains unlikely. More realistic scenarios suggest XRP may continue to climb toward its all-time high of $1.96 or potentially even reach $5 in the short term. However, reaching $10 would require a series of extraordinary catalysts, including a favorable SEC ruling, new developments in Ripple’s partnerships and projects, and a broader bullish sentiment in the crypto market. For now, XRP’s price may continue to see gradual growth, but a jump to $10 seems to be a distant possibility, unless unforeseen events dramatically reshape the market.