Market analysts predict that XRP will touch $10 after the Bullish Triangle is broken

Three market analysts expect XRP to reach the $10 threshold soon, with two citing a breakout from a triangle formation as a contributing factor.

XRP, being one of the victims of the ongoing market correction, 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 also crashed by 19.6% from its yearly high of $0.6394.

The market turmoil has intensified over the past few days, leading to sharper declines for XRP. The crypto-token has now recorded five straight intraday losses since January 21, with the bears carving out a drop to $0.5084 in an attempt to seal a sixth losing day.

Despite fast restore $0.51 this morning XRP is still lower today when most assets are in the green. However, this bearishness has not had much impact on the confidence of market watchers, who remain confident about the asset’s potential for significant gains.

XRP to $10: Bullish Triangle Breakout

In a recent series of separate unrelated analyses, three market watchers predicted that XRP would reach the $10 area. One of these analysts, XForceGlobal, a prominent TradingView educator, quoted a symmetrical triangle formed by XRP since 2021.

Data from the analyst’s weekly chart shows that XRP formed the lower ascending trendline of the triangle after collapsing to a low of $0.1013 in March 2020. However, the asset did not form the upper descending trendline until the decline from the $1.96 peak in April 2021.

The lower ascending trend line and the upper descending trend line essentially led to the formation of the symmetrical triangle.

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XRP has not been able to break above or below the triangle since then. An attempt to do so in July 2023 encountered resistance at the $0.93 high.

As XRP inches closer to the peak of the triangle, XForceGlobal believes that the crypto-asset will only fall further to retest the lower trend line. The analyst then predicts a massive uptrend that will lead to an upside breakout.

According to him, the triangle’s endurance for three years is a measure that will further exacerbate the pace of the upward boom.

He argues 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, as well discuss XRP’s potential in an analysis yesterday. CryptoBull pointed out that XRP’s monthly chart contains the formation of an ascending triangle within a broader ascending channel.

The wider rising channel has continued since 2014. However, the smaller ascending channel started after XRP declined from the $3.3 all-time high in January 2018. The analyst expects XRP to break above the triangle soon and reach a price range of $10 to $13 this year .

XRP to $10: Elliott wave structure

The third prediction comes from capt. Toblerone, a crypto market educator. Unlike the other two who used triangles for their analyses, Capt. Toblerone Uses an Elliott Wave pattern to predict an impending price rally for XRP in the near future.

The market watcher believes that XRP is about to follow a 5-wave structure during its next price movements. Data from his chart suggests that XRP may rise to $0.90 in the first wave, and then fall below the psychological threshold in the completion of Wave 2.

He expects Wave 3 to then take XRP near the $7.5 price level, marking a new all-time high. However, the correction coming with the fourth wave could bring XRP down to the $3 level. XRP is then expected to reach the price of $10 to $11.5 during the fifth and final wave.

Capt. Toblerone notes that this trajectory is his mid-cycle pipe dream for XRP, suggesting that this is the last chance to see it come to fruition. XRP is trading at $0.5135, requiring a price increase of 1.847% to reach the $10 target.