XRP is making waves as its price recently closed at $0.6286, marking a 9.19% increase over the week and an impressive 14.69% rise for the month. This price action signals a significant shift in momentum, as XRP overcomes previous overhead resistance at $0.60 and heads toward its strongest quarterly return since Q1 2023. The charts reveal that XRP has not only broken through a crucial 3.5-year downtrend but is also setting itself up for further gains.
Breaking Free From Resistance
On July 13, 2023, XRP was declared “not a security,” leading to an immediate price rally that peaked at $0.95. However, the monthly close settled at $0.69, and the cryptocurrency spent over a year consolidating sideways. Now, with recent price movements, XRP is breaking free from a long-standing descending trendline, which had acted as a formidable resistance multiple times.
Independent technical analyst, known as The Charting Guy, emphasizes that XRP has not only breached the 3.5-year downtrend but also a seven-year downtrend that began in early 2018 when XRP hit its all-time high of $3.40. This break suggests a potential shift in the overall trend and could set the stage for a more bullish outlook.
Bullish Predictions on the Horizon
Among the most audacious predictions comes from trader Javon Marks, who claims XRP might rally 30,000% from its current levels, targeting a staggering $200. Marks bases this forecast on a breakout from a seven-year pennant pattern, suggesting a “full logarithmic follow-through.” However, such lofty projections come with significant caveats. Reaching a $200 XRP would require an astronomical market cap of over $11 trillion, dwarfing Bitcoin’s current valuation.
Q4 Outlook – Can XRP Hit $1?
Despite the ambitious targets, XRP’s immediate future looks promising. The recent weekly close of $0.642 is its highest since December 2023. However, XRP has been consolidating between $0.66 and $0.42 since last August. The current market conditions, characterized by increasing risk appetite among investors, may provide the perfect opportunity for XRP to breach the critical $0.70 level.
Market analysts highlight the importance of flipping the $0.66 resistance into support. This pivotal move would test XRP’s overhead resistance at $0.75, a level that has been tested three times in the last two years. A strong rally above $0.75 could pave the way for XRP to reach $1, as this range sees a lack of significant resistance.
Also Read: XRP Soars Over 6% To $0.66 – What’s Driving The Surge In Ripple’s Price?
Dom, another market analyst, suggests that XRP is “gearing up for a move” in the short term. He indicates that $0.63 could become a support base in the coming days, especially as XRP forms a pattern of higher lows and lower highs.
As XRP navigates this critical juncture, investors should keep a close eye on the $0.66 and $0.75 levels. A sustained push above these points could signal a powerful bullish trend, potentially leading to significant price movements in the coming months. Whether it’s aiming for $1 or even more ambitious targets, XRP’s recent performance hints that this cryptocurrency is gearing up for a transformative period in its journey. The cryptocurrency landscape is ever-changing, and XRP appears to be at the forefront of this exciting evolution.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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