XRP has recently closed another week with a remarkable 9.19% increase, successfully overcoming past resistance at $0.60. The cryptocurrency has seen a monthly rise of 14.69% and is poised to conclude its strongest quarterly return since Q1 2023, which occurred 15 months ago. This shift in momentum signifies a significant transformation in the XRP market. The price action of XRP has successfully broken free from a prolonged 3.5-year downtrend, with the recent rally peaking at $0.95 before ultimately closing the month at $0.69.
This development is particularly noteworthy as XRP had been in a sideways consolidation phase for over a year. The recent monthly returns have not only breached a major downtrend pattern but have also indicated a shift in sentiment that has been dormant for many years. Technical analysis from independent analyst, The Charting Guy, reveals that XRP has managed to break through a seven-year downtrend, which has been in place since early 2018 when XRP experienced its all-time high of $3.40.
Leading trader, Javon Marks, has shared predictions that XRP might experience another astonishing rally, suggesting that it could surge by as much as 30,000% from its current price, potentially reaching $200. This projection is rooted in patterns observed in 2017 that resulted in an extraordinary 42,000% return. Nevertheless, Marks' ambitious prediction warrants careful consideration, as an XRP price of $200 would imply a market capitalization exceeding $11 trillion—an amount that is 11 times greater than Bitcoin's current market cap. XRP's recent weekly close at $0.642 marks its highest point since December 2023.
Since the previous August, XRP has been trading in a range between $0.66 and $0.42. The prevailing market conditions suggest a possible breakout beyond the $0.70 level, given the bullish shift in risk-on assets. For XRP to solidify its upward trajectory, it is essential that the asset flips the $0.66 level to support, thereby establishing a new testing ground against its overhead resistance at $0.75.
This critical level has undergone three tests over the last two years, with the most recent retest occurring in February 2024. A strong breakthrough past the $0.75 threshold would likely pave the way toward the $1 mark, as there appears to be minimal resistance between $0.75 and $1. Market analyst Dom has indicated that XRP is preparing for a short-term upward movement, with a suggestion that $0.63 could serve as the price point at which a support base will establish itself in the coming days. Finally, it is crucial to note that this article does not serve as investment advice or recommendations.
Each trading and investment decision carries inherent risks, and individuals are strongly encouraged to conduct their own research prior to making financial decisions..