The analyst predicts that $200 will break XRP’s 3.5-year low trend

The price of XRP closed another week up 9.19%, beating the previous profit resistance at $0.60. It is currently 14.69% for the month and on track to close its strongest quarterly return since Q1, 2023, which was 15 months ago.

Also Read: XRP Leads Crypto Weekend Gains As Open Demand Increases

XRP Price Breaks 3.5-Year Low Trend

XRP rose as high as $0.95 on July 13, 2023, when it was declared “not a security,” but its monthly close was at $0.69. Since then, XRP has strengthened sideways for over a year, but the current monthly retracement has broken a major bearish pattern that has been in place for over 3.5 years.

As shown in the chart, the weekly price of XRP was trending under a long-term downtrend, which served as resistance several times. The recent price action has now reversed the trend line, which may indicate a reversal in the overall trend.

Charting Man, an independent technical analyst, also highlights this particular pattern, and mentions that it has broken a seven-year downtrend, which occurred in early 2018 when XRP reached an all-time high of $3.40.

Another independent trader, Javan Mark, explains how XRP could rise another 30,000% from its current price point to $200.

Mark argues that XRP is currently breaking out of a ~7-year pennant pattern, which may be subject to a “full logarithmic retracement”. Such a bullish breakdown will lead to the $200 target in the coming months.

The trader based his forecast on the same pattern in 2017 and returned 42,000% to the high price of $3.40.

However, this prediction should be taken with a grain of salt as $200 XRP will lead to an $11+ trillion market cap, which is currently 11x Bitcoin's market cap.

XRP price may reach $1 in Q4.

XRP's recent weekly close of $0.642 is the highest since December 2023. However, it is important to note that XRP has been consolidating between $0.66 and $0.42 since last August. The current market situation gives XRP the best opportunity to break $0.70, as risk assets are turning bullish.

Now it is important for XRP to flip to support at $0.66, which will test its resistance above $0.75. This particular phase has been attempted three times in the past two years, with the last rerun in February 2024.

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

Additionally, Dom, a market analyst, also suggests that XRP is “preparing to move” in the short term. Commenting on XRP's current high-low and low-high pattern, the analyst predicts that $0.63 is likely to form a support base in the next few days.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.