XRP has sparked renewed interest among analysts, indicating a potential breakout from a six-year downtrend. This development comes amid a broader cryptocurrency market rally, with Bitcoin leading the charge.
Prominent analyst JD (@jaydee_757) recently identified a significant development in XRP’s chart, suggesting a possible break above a long-standing trendline. This trendline has seemingly capped XRP’s price since its 2018 all-time high. A confirmed breakout from this pattern could signal a significant bullish reversal.
Read Also: Analyst Says XRP Is Poised For Rocket Surge to $24, Citing Breakout from 6-Year Trendline
JD shared a chart outlining XRP’s price movement to support this claim. The chart depicts XRP’s subdued performance over the past six years, with a brief surge in 2021 being the only notable exception. However, XRP remained below the trendline with that surge.
#XRP – *Gasp!* A breakout after 6-years? Is this FOR REAL? 😱😱
If so, this will be MASSIVE!
RT/Like for updates next week if the breakout will be confirmed after weekly close! $XRP #XRPArmy #XRPCommunity
We will "NOT know what we hold 🤦♂️😂🤣" and take calculated profits! pic.twitter.com/5fTUs0ZPgq
— JD 🇵🇭 (@jaydee_757) March 2, 2024
Recent Rally and Potential Target
The recent surge in the cryptocurrency market, fueled by Bitcoin’s climb above $63,000, has also positively impacted XRP. Over the past 24 hours, the digital asset experienced an impressive 7.06% rally, climbing to $0.6305. XRP is also up 15.6% over the past week and 25.27% over the past month.
JD predicts a potential surge toward $3.5 if the breakout from the 6-year trendline is fully confirmed. This price point would represent a remarkable 455% increase from its current price. Notably, XRP last reached the $3.5 level in early 2018.
Profit Taking and Broader Analyst Sentiment
While JD is optimistic about XRP’s future, he encourages investors to adopt a strategic approach, potentially taking calculated profits as the price climbs toward $3.5.
JD is not alone in his bullish outlook for XRP. Several other analysts share his enthusiasm, predicting that the token will surpass the $1 mark during the current market rally. Analyst EGRAG CRYPTO (@egragcrypto) recently predicted a surge to $7. Other analysts believe XRP can reach similar targets soon.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: XRP Price in 2024: Most Significant Trendline To Watch
XRP’s Potential
It’s crucial to acknowledge that cryptocurrency price predictions come with some uncertainty and can be influenced by various factors. While the recent breakout and overall market trends are positive indicators, investors should conduct research and maintain a cautious approach.
However, XRP’s underlying technology for settling cross-border payments holds promise for the future. Increased adoption of XRP by financial institutions and countries for cross-border payments could significantly impact XRP’s demand and price in the long term.
Meanwhile, top players in international finance believe XRP can become the world reserve bridge currency. If the digital asset achieves this rare feat, its growth in the long run may not be quantified.
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