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XRP Targets $3+ as It Finally Pushes to Breach 6-Year Trendline

source-logo  thecryptobasic.com 28 February 2024 09:08, UTC

A prominent market analyst has set an XRP breakout target above the $3 mark should the crypto asset eventually breaches its extensive six-year downward trendline.

XRP has been largely underperforming since it collapsed from the all-time high price of $3.3 in January 2018. The crypto asset has remained below this price level, unable to even reclaim the $2 price territory despite experiencing the bull market in 2021.

Notably, some believe the SEC’s lawsuit, which began in December 2022, was responsible for XRP’s inability to leverage the 2021 bull market for a new ATH. Amid the speculation, XRP’s underperformance since 2018 has resulted in the formation of a downward trendline.

Market analyst JD called attention to this downtrend, hinting at a potential breakout from XRP after six years. Data from an accompanying chart shows that XRP already attempted twice to break out of this downtrend, but faced stern opposition when it hit the descending trendline.

#XRP – Will the 6-year trendline FINALLY breakout on the Non-Log Scale?

After 6 years of those who "know what they hold😂🤣" w/1x gain, will finally make LIFE CHANGING gains!

Make sure your part of the 5% who takes calculated profit!

RT/like for updates! *NOTE* 95% WILL LOSE… pic.twitter.com/K4251SIyzw

— JD 🇵🇭 (@jaydee_757) February 27, 2024

Past Attempts at a Breakout

Interestingly, XRP recorded an impressive uptrend from January 2021 despite the emerging FUD and multiple delistings that resulted from the SEC’s lawsuit against Ripple. The token rose 125% in January 2021 and extended this run with a 37% gain in March and a 180% spike in April 2021.

With this bullish momentum, XRP clinched a high of $1.96 in an attempt to break above the downtrend. However, it faced resistance, unable to hit $2 and push above the trendline. The ensuing correction resulted in XRP shedding off the gains of the early 2021 rally.

XRP again attempted to break above the trendline when it rallied to a high of $0.93 in July 2023. This upsurge was triggered by the favorable ruling from Judge Analisa Torres in the Ripple vs. SEC case, which declared that XRP in itself is not a security.

XRP Pushes for Another Breakout

Nonetheless, the token faced resistance again at the $0.93 high, and the resulting correction has seen it drop to the $0.5 territory. As the downtrend pushes further, XRP is looking to make another attempt at breaching the trendline. JD noted this in his latest analysis.

Calling attention to the XRP weekly chart on the non-logarithmic scale, he identified a potential push above the trendline. A non-logarithmic scale on a chart represents price movements linearly, showing equal price changes as equal distances.

Leveraging this chart, JD set up a breakout target for XRP above the $3, potentially leading to a new ATH. The analyst failed to give a specific target, noting that he would update his analysis with such a target once he confirms the breakout.

Meanwhile, XRP is currently looking to conquer the $0.60 territory, a move that could help it break above the downtrend. The token soared to a high of $0.5976 this morning before facing resistance that saw it drop to the current price of $0.5804. XRP is up 5.3% in the past 24 hours.