XRP Price Analysis: Can XRP Hit $10 in February?

The weekly chart shows that the XRP coin has been highly volatile in the past few months. It recently jumped to a high of $3.3877 and then crashed to $1.7907 on Monday.

Cryptocurrency prices remained under pressure on Monday as trade tensions continue to escalate between the United States and China. XRP price fell to a low of $1.790, which was the lowest level since April 2023. It pared back some of the losses and was trading at $2.5100. So, can XRP price realistically jump to $10 as some crypto analysts predict?

XRP price has been highly volatile in the past few months. It recently had a remarkable rally that saw it rise to a high of $3.3877 before crashing to a low of $1.7907 on Monday.

On the weekly chart, the coin remains in a bullish trend as it is above the 100-week and 50-week Exponential Moving Averages (EMA). It has also managed to move above the key support level at $1.9847, which was the highest level on April 12 last year.

XRP is now in the process of forming a hammer pattern, which is characterized by a long lower shadow and a small body. A hammer usually forms during a downtrend and is considered one of the key bullish reversal patterns.

When the lower shadow of the hammer is long, like we are seeing this week, it tends to indicate a stronger bullish breakout.

Therefore, we could see the coin making some bullish moves in the next few weeks.

Any further gains will be confirmed if the XRP price manages to move above the key resistance level at $3.3877. A move above that level will signal more gains, possibly towards the psychological level of $5.

For XRP to reach $10, it will need to rally by about 300%, which is possible considering that the coin jumped by 480% from its lowest level in November to its 2024 high. However, it is unlikely that the coin will reach $10 this month unless something major happens.

XRP price chart by TradingView

Some potential catalysts could help push XRP price higher in the long term.

Firstly, the XRP Ledger ecosystem is performing well, with top tokens like Crypto Trading Fund, XRP Army, Salute, and PHNIX gaining traction in the crypto industry.

Secondly, the Polymarket odds of the Securities and Exchange Commission (SEC) approving spot XRP ETFs are increasing and currently stand at 80%. An approval would be beneficial to XRP price due to the significant hype surrounding the launch and the inflows from Wall Street investors.

Thirdly, the Ripple USD (RLUSD) token is gaining traction as its market cap has surged to over $108 million and its 24-hour volume has moved to over $300 million. Additionally, there are rumors that XRP may be included in the Strategic Bitcoin Reserve (SBR).