Analyst: XRP To Reach $0.69 Upon Breaking out Above Critical Downward Trendline

Coinskid, a well-known XRP proponent and chartist has recently sighted a sustained downward trendline on the XRP/USD chart, predicting a 47.5% uptick from prevailing price levels upon a breakout above this bearish formation.

The sixth biggest crypto asset in terms of market capitalization XRP is among the cryptocurrencies facing a prolonged downtrend as the overall crypto market bear season lingers. The longstanding Ripple-SEC lawsuit is speculated to be an additional hindrance to the XRP price entering into its bull season. 

Notably, XRP recorded a stunning price jump in March 2023 that saw it breaking out above the $0.58 level following a short-term recovery in the broader crypto market. However, this $0.58 price level quickly turned into a resistance level as investors began to take profits, marking the start of the downward trendline drawn by Coinskid on his published one-day XRP/ USD chart. 

The SEC lawsuits against top exchanges Coinbase and Binance in early June threw the overall market into a bearish phase, leading to increased selling pressure on XRP. Accordingly, the asset fell below $0.42. 

The release of the infamous documents related to the “Ethereum-is-not-a-security” speech from former SEC official William Hinman then brought about a recovery in XRP price. 

This short-lived rally saw XRP moving up slightly above $0.55 from its June low of $0.42. Again, its new lower high turned into resistance as XRP retraced to the $0.45 region before it began to gain momentum upward. 

In his analysis, Coinskid drew a downward trendline that passed through $0.58 and $0.55 price points. While the popular altcoin continues changing hands around $0.4677 at the time of writing, the top analyst speculates that a breakout above this multi-month downward trendline could take the XRP price to $0.69 per token. 

“I think if we see XRP take out that white line on the daily, it runs to 0.69 at a minimal,” he wrote. Should this prediction pan out, it would represent a 47.5% percent rally from its value at press time. 

Meanwhile, other experts such as Crypto Asset Guy anticipate higher possibilities. As reported by Times Tabloid, he took to Twitter on Thursday to share four conditions that could cause the XRP price to trade between $3.5 to $10. In another case, a pseudonymous crypto analyst, who has been tracking XRP burns for the past month, submitted that $100 per XRP is inevitable.

Follow us on Twitter, Facebook, Telegram, and Google News