Ripple witnessed a remarkable peak of $1.6305 last week, experiencing a staggering 324% increase from its lowest level this year. This surge has propelled its market capitalization to over $81 billion, outstripping major global enterprises such as Deutsche Bank, Marriott International, and BP.
Analysts have been vocal about their optimistic projections in light of XRP’s upward trend. Edo Farina, a steadfast Ripple advocate, took to X to predict that the coin could potentially soar to $10 during the current bullish phase. His prediction was based on fundamental catalysts, including the anticipation that a Donald Trump victory might lead to the resolution of Ripple’s long-standing conflict with the Securities and Exchange Commission next year.
In recent developments, Ripple has joined forces with Archax to introduce a tokenized fund on the XRP Ledger, signifying a resurgence of activity within the network. Moreover, Ripple is actively engaged in the development of RLUSD, a stablecoin designed to rival the likes of Tether PayPal USD and USD Coin (USDC).
There have also been whispers regarding Ripple’s potential Initial Public Offering (IPO) in the upcoming years. A CNBC report in January indicated that the company had postponed its IPO plans due to SEC-related hurdles, a scenario that could potentially change in the coming year.
As of November 25, the price of Ripple was trading at $1.4381. To reach the predicted $10 mark, it would require a significant 600% increase. While such a leap might seem ambitious, it is not entirely unprecedented, considering its 1,800% surge from 2020 lows to its all-time high in 2021.
The weekly chart analysis reveals that Ripple has broken through the crucial resistance level of $0.9350, which was the neckline of a slanted triple-bottom pattern. The coin has also ascended above the 50-week and 200-week Exponential Moving Averages, pointing towards a positive momentum. Additionally, there are signs of a bullish pennant pattern taking shape.
Although XRP may continue its upward trajectory and potentially reach its previous all-time high of $1.96 and even extend to $5, a meteoric rise to $10 in 2024 appears to be a rather remote possibility.
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