XRP Price Prediction to Hit $10 in Near Future – Analyst

A cryptocurrency expert expects that the XRP price will rise to $10 in the near to medium future.

Since the recent bull run halted, the XRP price has been moving sideways in recent days. Today, October 29, Ripple traded at $2.6290, 50% higher than earlier. Nevertheless, based on the Elliot Wave pattern and the continuous inflows into ETFs, one cryptocurrency analyst believes the token will go parabolic and reach $10.

Analyst Projects that the XRP Price May Reach $10

According to XForceGlobal, a well-known cryptocurrency expert on X, the price of XRP will eventually rise to the crucial resistance level at $10. Its token currently trades at $2.68; thus, it must increase by 285% to reach $10.

Despite a significant surge, the price of Ripple has experienced similar movements. For instance, between November 5 of last year and January 7 of this year, it increased by more than 550%. In less than three weeks, the price of Zcash most recently surged by almost 642% after emerging from a period of consolidation.

If XRP's price were to rise to $10, its market capitalization would surpass Ethereum's valuation of $483 billion by more than $520 billion.

The Elliot Wave pattern, one of the most widely used technical analysis techniques that identifies multiple waves that assets go through throughout time, served as the basis for the analyst's thesis. According to his prediction, it is currently in the impulse wave's second phase, which is typically a corrective one.

He therefore anticipates that a move to the Elliot Wave's third phase will push it to the next significant resistance level, which is $10. However, he warned that because the coin frequently experiences short-term volatility, the leap to $10 will not be linear.

Growth and Approvals of XRPR ETFs

The primary driver of the XRP price is the current events in the US, where the Securities and Exchange Commission (SEC) has begun authorizing cryptocurrency exchange-traded funds (ETFs) despite the government shutdown.

The agency approved the spot Litecoin, Solana, and HBAR ETFs on Tuesday, and both have already begun trading. Analysts anticipate that the agency will authorize the documentation of XRP ETFs issued by firms such as Franklin Templeton and Invesco.

Given the prominence of the XRP coin in the US, these ETFs will likely be well-liked by US investors. The newly introduced REX-Osprey XRP ETF, which has amassed over $115 million in assets in just one month, is a prime illustration of this.

With their notional value skyrocketing to over $26 billion in the first five months, CME XRP Futures have also been the most popular recently. Consequently, cryptocurrency will benefit from a spike in XRP ETF inflows and future products.

The recent debut of Ripple Prime, which was established following the Hidden Road takeover, is another possible driver of the price of XRP. The XRP Ledger network and RLUSD stablecoin may see increased activity due to this acquisition.