Originally published on: September 30, 2024
XRP has been making waves in the crypto world as its price broke a 3.5-year downtrend, leading analysts to predict a potential surge to $200. The recent price action closed another week up 9.19%, surpassing resistance levels at $0.60 and marking a monthly increase of 14.69%. This positive momentum positions XRP to achieve its strongest quarterly return since Q1, 2023.
The announcement that XRP is not considered a security was a turning point for the cryptocurrency, leading to a rally to $0.95 in July 2023. Despite consolidating sideways for over a year, XRP’s recent breakout has breached a significant downtrend pattern that has been in place for more than 3.5 years.
Technical analysts have pointed out the significance of this breakout. The long-term descending trendline that has acted as resistance for XRP has now been flipped, potentially indicating a shift in its overall trend. Independent analysts like The Charting Guy and Javon Marks have highlighted the potential for XRP to reach $200 based on these bullish patterns.
Javon Marks illustrates how XRP might rally 30,000% from its current price point, reaching the impressive $200 mark. This prediction is supported by historical patterns from 2017, indicating a strong potential for growth.
It is important to note that investing in cryptocurrencies comes with risks, and traders should conduct their own research before making any decisions. However, with XRP’s recent breakout and positive market conditions, the path to $1 seems clear if key levels of resistance are overcome.
Analysts and traders are closely watching XRP’s movements as it gears up for a potential surge. The current higher lows and low highs pattern suggests that a support base could form around $0.63 in the short term. This bullish momentum could lead XRP to break resistance levels and reach new highs in the coming months.
Overall, XRP’s recent price action indicates a potential shift in its long-term trend, with the $200 target looming on the horizon. As investors eagerly watch for further developments, XRP continues to show promising signs of growth and resilience in the cryptocurrency market.
