Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align

XRP price has moved sideways in the past few days as the recent bull run stalled. Ripple was trading at $2.6290 today, Oct. 29, up by 50% from its lowest point this month. Still, one crypto analyst predicts that the token will go parabolic and hit $10, citing the Elliot Wave pattern and the ongoing ETF inflows.

Analyst Predicts XRP Price May Hit $10 Citing Elliot Wave 

XForceGlobal, a popular crypto analyst on X, has predicted that the XRP price will ultimately jump to the important resistance level at $10 in the long term. With its token trading at $2.68, it needs to jump by 285% to hit $10. 

While this is a big jump, the Ripple price has had such moves before. For example, it jumped by over 550% between November 5 last year and January 7 this year. Most recently, the Zcash price moved from a consolidation phase and jumped by over 642% within less than three weeks.

An XRP price jump to $10 would bring its market capitalization to over $520 billion x higher than Ethereum’s valuation of over $483 billion. 

The analyst based his argument on the Elliot Wave pattern, which is one of the most popular technical analysis approaches that identifies several waves that assets go through over time. He predicted that it is now in the second phase of the impulse wave, which is usually a corrective one.

As such, he expects that a move to the third phase of the Elliot Wave will put it to the next key resistance level at $10. However, he cautioned that the jump to $10 will not be linear as the coin will often have short-term volatility.

XRPR ETF Growth and ETF Approvals

The main catalyst for the XRP price is the ongoing developments in the United States, where the Securities and Exchange Commission (SEC) has started approving altcoin ETFs despite the ongoing government shutdown.

The agency approved the spot HBAR, Solana, and Litecoin ETFs on Tuesday and the two have already started trading. As such, analysts expect the agency to approve the paperwork of XRP ETFs by companies like Franklin Templeton and Invesco.

There is a likelihood that these ETFs will be popular among American investors because of the popularity of XRP token in the US. A good example of this is the recently launched REX-Osprey XRP ETF, which has accumulated over $115 million in assets within a month.

Similarly, CME XRP Futures have been the most popular in the past few months, with their notional value soaring to over $26 billion within the first five months. Therefore, a surge in XRP ETFs inflows and futures products will be good for the token.

The other potential catalyst for the XRP price is the recent launch of Ripple Prime, which was formed after the Hidden Road buyout. This purchase could lead to more activity in the RLUSD stablecoin and XRP Ledger network.