The XRP price has staged a strong recovery this month, making it one of the best-performing top ten cryptocurrencies.

Ripple (XRP) peaked at $1.6305 last week, rising 324% from its lowest point this year and pushing its market cap to over $81 billion. This valuation surpasses major global firms like Deutsche Bank, Marriott International, and BP.

With XRP’s bullish trajectory, analysts have shared optimistic forecasts. Edo Farina, a long-term Ripple supporter, predicted in an X post that the coin could surge to $10 during this bull run.

He cited fundamental catalysts, including expectations that Donald Trump’s victory could resolve Ripple’s ongoing conflict with the Securities and Exchange Commission will be over next year.

Meanwhile, Ripple and Archax have partnered to launch a tokenized fund on the XRP Ledger, signaling renewed activity on the network

Additionally, Ripple is developing RLUSD, a stablecoin intended to compete with Tether (USDT) PayPal USD, and USD Coin (USDC).

There are also rumors of Ripple launching an Initial Public Offering (IPO) in the coming years. A January CNBC report suggested the company postponed its IPO plans due to SEC challenges, a situation that could shift next year.

Can the XRP price jump to $10?

The price of Ripple traded at $1.4381 on Nov. 25, requiring a 600% increase to reach $10. Such a move would exceed its recent performance but aligns with past trends, like its 1,800% jump from 2020 lows to its all-time high in 2021.

The weekly chart shows that Ripple broke the significant resistance level of $0.9350, the neckline of a slanted triple-bottom pattern. The coin has moved above the 50-week and 200-week Exponential Moving Averages, suggesting positive momentum. There are also indications of a bullish pennant pattern forming.

While XRP may continue climbing, potentially reaching its all-time high of $1.96 and further to $5, a leap to $10 in 2024 remains unlikely.

Shiba Inu price has underperformed other popular meme coins in the past few days. SHIB trades at $0.000026 on Monday, where it has been stuck since November 10, as investors anticipate more upside as the burn rate rebounds.

Shiba Inu Price Likely to Rally 76% As 6.8m SHIB Burnt

One potential catalyst for the SHIB price is that the number of coins in circulation continues to drop, helped by the robust token burn. Data by Shiburn shows that the amount of these burns rose by 40% in the past 24 hours to 4.85 million. 

Therefore, the number of Shiba Inu tokens has continued to drop from the original 999 trillion to 410 trillion, a figure that will continue falling in the future. The token burn is when SHIB coins are moved to an inaccessible wallet either voluntarily or from ecosystem fees to be removed from the circulating supply forever.

These token burns help to create value for existing tokens by reducing the number of coins in circulation. It is often compared to when a company executes a share buyback, which in turn increases the earnings per share. 

Some of the top players in this ecosystem are ShibaSwap and Shibarium. ShibaSwap is a decentralized DEX network where people swap tokens, while Shibarium is a layer-2 network that has completed over 500 million transactions. Data on its website shows that ShibaSwap’s volume has jumped to $75 million this month, the highest level since March.

SHIB Price Analysis: Shiba Inu Bulls Prepares For Uptrend

In an X post, Shib Knight, a popular crypto analyst predicted that the SHIB was preparing for its next leg and that it looked “sendy”. 

The most bullish case for the Shiba Inu price rally is a cup-and-handle pattern on the daily chart. This techncial formation contains a rounded bottom that looks like a cup, which is often followed by a minor retracement that forms the handle. Hence, the namesake.

The target of $0.000045 for this setup is obtained by measuring the depth of the cup and adding it to the neckline, connecting the cup and handle’s swing highs.  

The upper side of this pattern is at $0.000030, where it has struggled to move above since May. According to this pattern, the ongoing consolidation is part of the formation of a handle section. In most periods, this pattern is one of the most bullish patterns in the market. 

Additionally, Shiba Inu price has formed a golden cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) have formed a bullish crossover. Therefore, the confirmation for the next leg up will come if the SHIB rises above the upper side of the cup at $0.000030. If this happens, SHIB could jump to $0.000045, its highest level this year, which is about 76% above the current level.

On the flip side, this Shiba Inu price prediction will become invalid if the coin drops below the key psychological point at $0.000023. A drop below that level will point to more downside, potentially to $0.0000158, its lowest point on October 25.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.