A pseudonymous market analyst believes XRP is on the verge of reaching a price discovery phase amid the formation of a multi-year pennant.

The analyst, known simply as “Ahm” on social media, believes this technical pattern, when combined with the Elliott Wave theory, indicates a strong likelihood of a breakout that could propel XRP prices to a range of $5-$6.

XRP Multi-Year Pennant Formation

In the chart, Ahm identified a large-scale symmetrical triangle or pennant pattern, which has been developing over several years. Per visual data from the chart, this pattern features converging trendlines that trap the price action in a narrowing range.

XRP fell into the pattern following the drop from the $3.31 all-time high in January 2018. Data confirms that it has been coiling within the boundaries of this pennant, with the upper trendline acting as strong resistance, while the lower trendline has provided solid support. 

Several analysts have also pointed out this long-standing pattern. Interestingly, Ahm’s chart shows XRP’s volume profile within this pattern has also been gradually decreasing. This is a typical occurrence in pennant formations, as the market anticipates a breakout.

The Elliott Wave Pattern

The analysis also incorporates Elliott Wave theory. In the XRP chart, Ahm identifies a completed ABC correction pattern, which suggests that it is now on the verge of entering a new impulsive phase. 

This potential fifth wave could push XRP to significant highs. Ahm pointed out that while $4 is an immediate area of interest, the confluence of chart patterns and wave analysis suggests that XRP could push higher toward the $5-$6 range. 

The target range is in alignment with the expected measured move from the pennant’s breakout point. However, the analyst warns that the breakout is not guaranteed and that traders should watch closely for confirmation. 

XRP Macro Breakout

Meanwhile, Flash, another market analyst, presented a more immediate analysis of XRP’s price action. Flash’s chart shows that XRP has already broken out of its macro downtrend, which had been in place since the drop from $1.96 in April 2021.

The breakout point from this downtrend appears to be near the $0.55-$0.57 range, where XRP has managed to hold above an important support level. Flash pointed out that the 200-week moving average (200WMA) is the last significant hurdle before XRP can target $2.

Overall, the analyses from both market watchers set up targets of $2, $4, $5 and $6. However, currently trading for $0.5907, XRP must first breach crucial resistance levels to have a go at these targets. Notably, the first resistance rests on the $0.93 point, aligning with the July 2023 peak. 

XRP investors could witness their holdings surge to unprecedented levels if XRP ever reached the audacious $10,000 price target.

The crypto market has not been particularly favorable to some assets, including XRP. Since hitting an all-time peak of $3.31 in January 2018, XRP has failed to surpass this price level. Within this period, other crypto assets have witnessed new heights across two market cycles.

For instance, Bitcoin (BTC) surpassed its 2017 peak of nearly $20,000 during the 2021 market cycle. The premier crypto asset hit a new high of $69,000 in November 2021. Following this top, BTC again reached a new all-time high in the ongoing market cycle, surpassing $73K in March this year.

Despite Bitcoin’s upsurges, some assets like XRP have failed to recover previous highs. At the current price of $0.5966, XRP still trades 81% below its all-time high of $3.31, over six years later. Some analysts attribute this to a price suppression that XRP has suffered over the years, predicting an imminent breakout.

Worth of 10K, 50K, 100K XRP at $10,000 Per XRP

Amid the optimism, the $10,000 target, though extremely audacious, has popped up multiple times. As this goal gains steam, The Crypto Basic recently assessed how much investments of 10K, 50K and 100K XRP could be worth if XRP ever reached the target. 

At the current price of $0.5966, 10,000 XRP are worth $5,966. If XRP ever clinched a $10,000 price, these 10,000 tokens would skyrocket in value to hit a massive $100 million. 

Similarly, 50,000 XRP tokens are currently valued at $29,845 against prevalent rates. The 50,000 tokens would rise to $500 million at a price of $10,000 per XRP. Meanwhile, the 100,000 XRP tokens are worth $59,660 at current prices. Their value would rise to a massive $1 billion if XRP ever hit the ambitious $10,000 price target.

This assessment calls to attention the unfeasible nature of the $10,000 target, as such a price surge would catapult multiple modest investments to unimaginable levels. However, this fact has not stopped some market analysts from projecting the target.

XRP to $10,000 Predictions

Most recently, Levi, a crypto YouTuber and trader, asserted that XRP could be on the verge of reaching a $10,000 price. The factor behind his projection is Ripple’s ongoing project pilots and partnerships globally that would see major financial institutions utilize XRP and the XRP Ledger. 

Moreover, another market commentator Robert Doyle called attention to the recent development involving OpenEden’s introduction of Treasury Bills tokenization on the XRPL. He believes the adoption of T-Bills tokenization on the XRPL could help spur XRP toward $10,000.

Interestingly, a Christian prophet known as Brandon Briggs recently claimed that God mentioned to him that XRP would reach $10,000 in the future.