Over the past week, Ripple’s XRP has shown resilience, gaining 10% and standing out among large-cap altcoins, a feat matched only by Binance Coin (BNB) and Cardano (ADA).
The growing enthusiasm for Ripple’s platform has been steadily reflected in its price performance.
The company’s stablecoin RLUSD has demonstrated consistent growth since its inception, with a total supply now reaching $120 million. Increased usage on the XRP Ledger has been driven by lower transaction fees.
Data from CryptoQuant indicates significantly higher transaction counts on the XRPL compared to the Ethereum (ETH) network.
Ripple’s ambitious goal of facilitating secure, instant, and cost-effective global transactions has captured the attention of the industry. The question on everyone’s mind: How high could the price potentially reach by 2030?
XRP Price Forecast: Can $10 be a Realistic Target?
The cryptocurrency market is known for its rapid fluctuations, making it challenging to forecast even a few months ahead, let alone five years. However, analyzing price patterns provides valuable insights.
On the monthly chart, the bullish trend has been evident since 2017, with the $0.1644 level representing the low point of the 2017 rally. The absence of a monthly close below this level signaled long-term bullish sentiment.
The recent test of the $1.99 support level, following a period of selling pressure in early February, marked a significant development. While a new all-time high was achieved according to some data sources, Coingecko’s data differs, possibly due to varying exchange prices.
Momentum has been building in recent months, suggesting a potential breakout, with Fibonacci extension levels pointing to targets of $4.06 and $5.28 for the current cycle.
Reaching the $5.28 target would elevate XRP’s market cap to $305 billion, trailing Ethereum’s current market cap by approximately $30 billion.
Technically, the bullish momentum on XRP’s monthly chart supports the feasibility of hitting the 61.8% and 100% extension levels at $5.28 and $6.5, respectively.
The realization of these targets depends on broader market dynamics, XRP adoption rates, and Bitcoin’s performance. Alts tend to rise with increased demand for Bitcoin, benefiting from a rising tide in the market.
A decisive weekly close below $2.08 could indicate a structural shift in the market, signaling a potential deeper pullback.
Disclaimer: The opinions shared do not constitute financial or investment advice; they reflect the writer’s perspective.