An analyst has suggested that a confluence of fundamentals and bullish technical indicators is potentially forming a “perfect storm” for XRP to reach the $10 mark.
Reaching this level would represent a 336% rally from XRP’s price of $2.29 as of press time. Indeed, the move will be massively bullish, considering that XRP has struggled to establish itself above the $2.30 resistance level despite.
Now, in a June 8 TradingView post, Persian Blockchain emphasized that the outcome of the ongoing lawsuit between Ripple and the Securities and Exchange Commission (SEC) remains one of the most significant catalysts for XRP’s future trajectory.
With a court-imposed 60-day deadline approaching on June 16, speculation is growing that Ripple may secure a favorable ruling.
Such an outcome could restore investor confidence and remove a long-standing obstacle to XRP’s upside potential. Notably, both parties are pushing for a settlement after an initial application was rejected due to procedural issues.
On the macroeconomic front, the analyst pointed to a renewed expansion in global liquidity, as tracked by the M2 Global Liquidity Index. Rising liquidity has historically supported risk assets, particularly cryptocurrencies.
XRP price levels to watch
Technically, the trading expert noted that XRP appears well-positioned and is forming a bullish flag pattern, a continuation setup often preceding sharp upward moves. After months of consolidation within a downward-sloping channel, XRP looks ready to challenge key resistance levels.
The analysis outlined several bullish Fibonacci extension targets, including $3.64, $4.47, $6.27, and a long-term target of $11.25, with the psychological $10 level firmly within range.
Crucially, the breakout zone between $2.79 and $3.07 is a trigger area; flipping this range into support could signal a higher vertical move.
Investors should watch for a confirmed breakout followed by a retest, ideally bouncing from the accumulation zone, to validate the move.
“A perfect storm of fundamentals and technical. <…> A retest of the breakout area followed by bullish confirmation could signal the beginning of a larger move toward the $10 psychological level,” the analyst said.
If XRP reaches the $10 mark, its market cap will surge to approximately $587 billion, potentially making it the second-largest cryptocurrency after Bitcoin (BTC), assuming Ethereum sees minimal growth over the same period.
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