XRP price breaks 3.5-year downtrend as analyst predicts $200

XRP price closed another week up 9.19%, overcoming previous overhead resistance at $0.60. It is currently up 14.69% for the month and on its way to closing its strongest quarterly return since Q1, 2023, which was 15 months ago.

Also read: XRP leads crypto weekend gains fueled by surging open interest

XRP price breaks 3.5-year downtrend

When XRP was declared “not a security” on July 13, 2023, it rallied as high as $0.95, but the monthly close was at $0.69. XRP has consolidated sideways for over a year ever since, but its current monthly returns have breached a major downtrend pattern that has been active for over 3.5 years.

As illustrated in the chart, XRP’s weekly price was trending under a long-term descending trendline, which acted as a resistance multiple times. Its recent price action has currently flipped the trendline, potentially indicating a shift in the overall trend.

The Charting guy, an independent technical analyst, highlights this particular pattern as well and mentions that it also broke a seven-year downtrend, which started at the beginning of 2018 when XRP reached its all-time high at $3.40.

Another independent trader, Javon Marks, explains how XRP might rally another 30,000% from its current price point to a whopping $200.

Marks argues that XRP has currently broken out of a ~7-year pennant pattern, which may undergo a “full logarithmic follow-through.” Such a bullish breakout would lead to a $200 target in the coming months.

The trader based his prediction on a similar pattern from 2017, leading to a 42,000% return to its all-time high value of $3.40.

However, this prediction should be taken with a grain of salt since a $200 XRP would lead to a market cap of $11+ trillion, which is currently 11x Bitcoin’s current market cap.

XRP price can reach $1 in Q4

XRP’s recent weekly close of $0.642 is its highest since December 2023. Yet, it is important to note that since last August, XRP has been consolidating between $0.66 and $0.42. The present market conditions provide the best opportunity for XRP to break $0.70, as risk-on assets are flipping bullish.

It’s now crucial for XRP to flip $0.66 into support, which will test its overhead resistance at $0.75. This particular level has been tested thrice in the last two years, with the last retest occurring in February 2024.

A strong move above $0.75 should ensure a clear path to $1. Between $0.75 and $1.00, there is a lack of resistance, so if $0.75 resistance is flipped into support, the next immediate target would be $1.

Additionally, Dom, a market analyst, also indicates that XRP is “gearing up for a move” in the short term. Speaking on XRP’s current higher lows and low highs pattern, the analyst infers that $0.63 could be the price at which a support base will be formed over the next few days.