Fun

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

News Feed - 2024-09-30 11:09:00

Biraajmaan Tamuly10 hours agoXRP price breaks 3.5-year downtrend as analyst predicts $200XRP"s gains of 36.83% this quarter is its highest quarterly rise since Q1 2023.10063 Total views20 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onXRP 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 interestXRP 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.XRP 2-weekly chart. Source: TradingView


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.Javon Mark’s XRP analysis. Source: X.com


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.XRP weekly chart. Source: TradingView


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.


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.# Altcoin# Ripple# XRP# Markets# Market AnalysisAdd reaction

News Feed

Savannah Fortis14 hours agoUS considers tightening restrictions on AI chip exportsOfficials in the United States are considering restricting the computing power of chips to lessen the flow of AI chips available in the Ch
Ray Salmond2 hours agoJust how bullish is the Bitcoin halving for BTC price? Experts debateAnalysts recently debated whether or not the Bitcoin halving is still a meaningful catalyst for BTC’s price discovery.1744 Tota
Chainlink Tunrns Resistance Into Support – ATH Next?
Este artículo también está disponible en español. The crypto market showed signs of revival yesterday, with several assets experiencing significant price surges after wee
China Wants Communist Party Members to Pledge Loyalty on Blockchain
China’s Communist Party (CPC) is taking its leader’s support for blockchain to heart. Following Xi Jinping’s bombshell speech last week urging his countrymen to &#
Amid Risk of Power Deficit, Ukraine Shuts Down Another Crypto Farm
Amid Risk of Power Deficit, Ukraine Shuts Down Another Crypto Farm Withа growing threat of electricity shortages in the winter months, Ukraine has busted another large coin m
Brian Quarmby6 hours agoFBI warns of phishing scams and social media account hijackersThe FBI warned that the account hijackers work to “create a sense of urgency” with their posts and urged people to vet any website
Bitcoin for Spain’s Congress: BTC Sent to 350 Spanish Parliament Members
Bitcoin for Spain"s Congress: BTC Sent to 350 Spanish Parliament MembersBitcoin has been sent to 350 deputies of the Spanish Congress as part of an educational initiative similar to
Kazakhstan President Orders Government to Find All Miners and Raise Tax by April
Kazakhstan President Orders Government to Find All Miners and Raise Tax by April President of Kazakhstan Kassym-Jomart Tokayev has instructed authorities to identify all crypto min
Bitcoin, Ethereum Technical Analysis: Bitcoin Rebounds, as Russia Looks to Regulate Crypto
Bitcoin, Ethereum Technical Analysis: Bitcoin Rebounds, as Russia Looks to Regulate Crypto Following price consolidation on Tuesday, bitcoin prices rebounded on hump-day, as market
Mt. Gox repayment shakes crypto market, causing volatility
Shiraz Jagati10 hours agoMt. Gox repayment shakes crypto market, causing volatilityBitcoin faces immense volatility as Mt. Gox repayments flood the market.3257 Total views2 Total sharesListen to article 0:00Follow upOwn
Finiko Founder Doronin Offers to Testify Against 44 Accomplices at Crypto Pyramid
Finiko Founder Doronin Offers to Testify Against 44 Accomplices at Crypto Pyramid Kirill Doronin, mastermind of the Russian crypto Ponzi scheme Finiko, has proposed to testify agai
Bitcoin analysts agree that BTC has ‘a lot further to run’
Nancy Lubale2 hours agoBitcoin analysts agree that BTC has ‘a lot further to run’Key on-chain metrics suggest a higher baseline for Bitcoin price now that the halving is complete.2080 Total views2 Total sharesMarket