XRP to Breach $0.69, Surging by 48% Upon Breakout of Multi-Month Downtrend

XRP is currently trading below a multi-month downward trendline, but analysts forecast a rally to the $0.69 level when the asset finally stages a breakout.

XRP has not been immune to the ongoing market-wide correction, recently plummeting below the $0.47 price. Due to its bearish situation, XRP is currently trading below a multi-month downtrend. However, analysts envision a surge above $0.69 once a breakout ensues.

Crypto analyst CoinsKid made this assertion in his latest analysis of XRP’s price movements. The prominent chartist referenced an XRP chart on the daily timeframe to drive home his point.

#xrp – Daily

I think if we see #xrp take out that white line on the daily, it runs to 0.69 at a minimal. pic.twitter.com/G9KtEPJ8oc

— CoinsKid (@Coins_Kid) July 6, 2023

CoinsKid called attention to a downward trendline on the chart. XRP has continued to trade below the line throughout the year. However, the asset attempted to break above it during the March rally, which resulted in a high of $0.5850 on March 29.

Upon hitting the line, the resistance stationed by the bears saw XRP drop to previous lows. The asset declined to $0.4100 on May 8. Nonetheless, bullish updates and speculations surrounding the Ripple vs. SEC lawsuit triggered increased market activity.

This resulted in high address activity and an accumulation spree, as the buildup to the release of Hinman’s documents remained sustained. Upon the release of the documents, XRP spiked to $0.5658 on June 13, touching the trendline again. However, a quick drop ensued. 

According to CoinsKid, should XRP successfully break above this trendline on the daily timeframe, a rally to $0.69 could materialize. He noted that this would be the “minimal” price target. This would mark a 48% increase in XRP’s current price.

XRP Technical Analysis 

Meanwhile, on the daily chart, XRP continued to trade below the 50-day exponential moving average (EMA), currently at $0.4834. The asset successfully broke above the 50-day EMA yesterday, rising to a high of $0.4841.

However, the bears mounted a formidable defense, leading to a displacement and an eventual loss to the day. XRP closed the day below the 50-day EMA, signaling a decrease in momentum. 

Despite this situation, XRP has remained above the 200-day EMA ($0.45697) this month. Up 0.93% today, XRP is seeking to break what would mark a fourth daily losing streak today. The asset is currently trading for $0.4664.