XRP Breaks 3.5-Year Downtrend, Poised for Possible Rally to $1 in Q4 2023

• XRP has shown significant gains this quarter, marking its most substantial quarterly increase since Q1 2023.
• Despite fluctuations, XRP closed last week up by 9.19%, with the resistance level at $0.60 now surpassed.
• After the pivotal declaration that XRP is not a security, it saw a significant rally, and its price action suggests a potential shift in the long-term trend.

Discover why XRP’s strong performance this quarter could signal a major turning point for the cryptocurrency and what it means for the market.

XRP Sees Robust Quarterly Gains

XRP’s quarterly gain of 36.83% is the highest since the first quarter of 2023. The cryptocurrency closed last week up 9.19%, overcoming the previously challenging resistance level at $0.60. For the month, XRP has climbed 14.69%, positioning it to conclude this quarter with its strongest performance in 15 months.

Breaking a Multi-Year Downtrend

Since being declared “not a security” on July 13, 2023, XRP has experienced a notable rally, initially reaching as high as $0.95, though it settled at $0.69 at the month’s end. This development has led to a significant technical breakout from a downtrend that persisted for over 3.5 years. The recent price momentum suggests a potential reversal in XRP’s prolonged bearish trend.

Technical Analysis and Market Sentiment

Independent technical analyst, The Charting Guy, highlights that XRP not only broke a 3.5-year downtrend but also surpassed a longer-term resistance stemming from a seven-year downtrend, which began back in 2018 when XRP hit its all-time high of $3.40.

Javon Marks, another analyst, suggests a bold prediction—the price of XRP might increase by 30,000% from its current level, potentially reaching $200. This speculation is based on a similar historical pattern observed in 2017, though it is crucial to note that such a monumental rise would significantly inflate XRP’s market cap to over $11 trillion, a figure that is substantially higher than Bitcoin’s present market cap.

Potential Price Targets and Market Conditions

XRP recently closed a week at $0.642, marking its highest close since December 2023. Over the past year, XRP has oscillated between $0.66 and $0.42. Current market dynamics suggest that breaking through the $0.66 level and establishing it as support could drive the price towards the next resistance at $0.75.

Successfully turning the $0.75 resistance into a support level could pave the way for XRP to reach $1. Market analyst Dom points out that XRP is poised for a move in the near term, with a potential support base forming around $0.63.

Conclusion

XRP’s impressive quarterly gains and technical breakthroughs signal a potential change in trend for the cryptocurrency. As market conditions evolve, the key levels to watch will be $0.66 and $0.75. A successful breach of these levels could see XRP targeting the $1 mark. However, investors should proceed with caution and conduct thorough research, as the crypto market remains highly volatile.