XRP closed the weekly candle with a gain of 9.19%, breaking above the previous resistance at $0.60. XRP is now up 14.69% on the month and has posted its strongest quarterly growth since Q1 2023, 15 months ago.
XRP Price Breaks 3.5-Year Downtrend
When XRP was declared “not a security” on July 13, 2023, it rose to a high of $0.95, but the monthly closing price was just $0.69. XRP has been consolidating sideways for over a year, but the current monthly growth has broken through a major downtrend line that has been in place for over 3.5 years.
As illustrated in the 2-week chart, XRP price has been below a long-term descending trendline that has acted as resistance on multiple occasions. The recent price action has broken above this trendline, which could signal a change in the overall trend.
XRP/USDT 2-week chart
Independent technical analyst “The Charting Guy” also highlighted this particular pattern and mentioned that it also broke a seven-year-long downtrend, which started in early 2018 when XRP hit an all-time high of $3.40.
Another independent analyst, Javon Marks, explains how XRP could surge another 30,000% from its current price to a whopping $200.
Marks argues that XRP has broken out of a ~7-year-old triangle pattern, and could undergo a “full logarithmic rally.” Such a strong bullish breakout could lead to a target of $200 in the coming months.
XRP Analysis by Javon Mark
The analyst relied on a similar model from 2017 to make his prediction, when XRP surged 42,000% to hit an all-time high of $3.40.
However, this prediction needs to be taken with a grain of salt as a $200 price for XRP would result in a market cap of over $11 trillion, 11 times the current market cap of Bitcoin.
XRP Price Could Hit $1 in Q4
XRP's recent weekly close at $0.642 was its highest since December 2023. However, it should be noted that XRP has been consolidating between $0.42 and $0.66 since last August. Current market conditions offer the best chance for XRP to break above $0.70 as risk assets are turning bullish.
XRP/USDT Weekly Chart
Now, it is important for XRP to turn the $0.66 level into support, which would then test the resistance level at $0.75. This level has been tested three times in the past two years, with the most recent test occurring in February 2024.
A strong bounce above $0.75 would pave the way for a rally towards $1. There is not much resistance between $0.75 and $1, so if the $0.75 resistance turns into support, the next target would be $1.
Additionally, Dom, a market analyst, also believes that XRP is “preparing for a rally” in the short term. Speaking about XRP’s current higher lows and lower highs structure, the analyst predicts that $0.63 could be a base support level in the coming days.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
