Monday, June 17, 2024
HomeCryptocurrencyAs XRP Breaks Downtrend Resistance Line First Time since XRP Victory, Analyst...

As XRP Breaks Downtrend Resistance Line First Time since XRP Victory, Analyst Says Surge to $1 Looms

A pseudonymous XRP-focused analyst, XRP CAPTAIN, has recently called the attention of the community to a recent trend that could soon lead the digital asset to a $1 price level.

The analysis captioned in a recent chart posted on X, the analyst spotted a bearish trend that has jailed XRP from breaking out since the judgment of July 13 that exonerated the digital asset from Securities allegation, which resulted in a rally to $0.93 yearly high.

Read Also: ChatGPT XRP Price Predictions for 2024, 2028, 2032, and 2050

Recall that the price high later became XRP’s plague, as it started a southward trend until it reached the current price level. The downtrend later formed a pattern that could eventually turn bullish for the digital asset, according to XRP CAPTAIN.

The analyst confirmed in the tweet that XRP has managed to break out of the multi-month bearish trendline. This played out after the continuous upward trends registered between September 14 and 15.

According to the analyst, the breakout has the potential to push XRP price toward $1 in the near future, urging the community members to remain calm as the digital asset is bound for massive gains.

XRP CAPTAIN tweeted, “XRP Has Broken This Downtrend Resistance Line Since Judge Ruled In Favour Of XRP Is Not A Security. I Expect XRP To Hit 1$ In The Near Future. Sit Back & Relax. Not A Whole Lot To Panic Here.”

Read Also: Analyst Sets $1.88 and $5.85 XRP Price Targets in Anticipation of End to Correction

In response to XRP CAPTAIN’s analysis and prediction, JD, another crypto analyst confirmed the bullish outlook, calling attention to an even longer trendline.

According to JD, the cross-border payment-focused digital asset has continued to retest a 2-year trendline that has besieged its surging capacity since 2021. He noted that this could result in a meteoric rally once XRP completely breaks out of the overwhelming trendline.

<

At the time of filing this report, XRP is trading at $0.4934, with a relatively 1% price downtrend in the last 24 hours, according to CoinMarketCap.

Considering XRP CAPTAIN’s predicted price point of $1 and the current price, the recently broken downtrend resistance could lead to a 102.67% price surge.


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

Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
RELATED ARTICLES

Latest News & Articles