Can the XRP price realistically jump to $10 in 2024?

XRP price has made a strong recovery this month, making it one of the top ten best-performing cryptocurrencies.

Ripple (XRP) rose as high as $1.6305 last week, rising 324% from this year’s low point, pushing its market cap to over $81 billion. This valuation surpasses major global firms such as Deutsche Bank, Marriott International and BP.

With the upward trend of XRP, analysts shared optimistic predictions. Longtime Ripple supporter Edo Farina predicted in his X post that the cryptocurrency could rise to $10 during this bull run.

He touched on key catalysts, including expectations that Donald Trump’s victory would end Ripple’s ongoing dispute with the Securities and Exchange Commission next year.

Meanwhile, Ripple and Archax partnered to launch a tokenized fund on the XRP Ledger, signaling renewed activity on the network

Additionally, Ripple is developing RLUSD, a stablecoin intended to compete with Tether (USDT), PayPal USD, and USD Coin (USDC).

There are also rumors that Ripple will launch an Initial Public Offering (IPO) in the coming years. A CNBC report published in January suggested that the company was delaying its IPO plans due to SEC challenges, and that could change next year.

Can XRP price rise to $10? Ripple price chart | Source: crypto.news

Ripple’s price traded at $1.4381 on November 25 and required a 600% increase to reach $10. Such a move would exceed its recent performance but is also in line with past trends, such as the 1,800% jump from the 2020 low to the 2021 all-time high.

The weekly chart shows that Ripple broke the key resistance level at $0.9350, which is the neckline of the sloping triple bottom formation. The coin showed positive momentum by moving above the 50-week and 200-week Exponential Moving Averages. There are also signs that a bullish pennant formation has formed.

While XRP continues to rise and has the potential to reach new all-time highs of $1.96 and $5, it is unlikely to jump to $10 in 2024.