XRP Price Breaks Long-Term Downtrend, Eyes $1 Target

According to Cointelegraph, XRP has closed another week with a 9.19% increase, overcoming previous resistance at $0.60. The cryptocurrency is up 14.69% for the month and is on track to close its strongest quarterly return since Q1 2023, which was 15 months ago.XRP’s price action has broken a 3.5-year downtrend, with the recent rally pushing it as high as $0.95 before closing the month at $0.69. This marks a significant shift as XRP has been consolidating sideways for over a year. The current monthly returns have breached a major downtrend pattern that has been active for over 3.5 years.XRP 2-weekly chart. Source: TradingViewIndependent technical analyst, The Charting Guy, notes that XRP has also broken a seven-year downtrend that began in early 2018 when XRP reached its all-time high of $3.40. Another trader, Javon Marks, predicts that XRP could rally another 30,000% from its current price point to $200, based on a similar pattern from 2017 that led to a 42,000% return. Javon Mark’s XRP analysis. Source: X.comHowever, Marks’ prediction should be approached with caution, as a $200 XRP would result in a market cap exceeding $11 trillion, which is 11 times Bitcoin’s current market cap.XRP’s recent weekly close of $0.642 is its highest since December 2023. Since last August, XRP has been consolidating between $0.66 and $0.42. The current market conditions provide an opportunity for XRP to break $0.70, as risk-on assets are turning bullish. XRP must flip $0.66 into support, which will test its overhead resistance at $0.75. This level has been tested three times in the last two years, with the last retest occurring in February 2024.XRP weekly chart. Source: TradingViewA strong move above $0.75 should clear the path to $1, as there is a lack of resistance between $0.75 and $1. Market analyst Dom also indicates that XRP is gearing up for a move in the short term, suggesting that $0.63 could be the price at which a support base will form over the next few days.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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