Ripple Is Set to Break Its 2-Year Downtrend, Analyst Shares The Next Target If XRP Breaks $0.68

A couple of crypto analysts shed some optimism on Ripple XRP as it battles a two-year downtrend. Crypto Rover notes that Ripple appears poised to finally break the long-standing downtrend in place since early 2021. Meanwhile, trader JD highlights a bullish technical setup showing XRP breaking its multi-year trendline, which flipped into support.

Drilling down into the token’s price action, XRP changed hands around $0.6203 at the time of writing. Analysis by altFINS shows mixed trends for Ripple but highlights a bullish flag pattern forming on the charts. This follows XRP’s sharp advance in mid-2023 from under $0.30 to over $0.90.

Source: altFINS – Start using it today

The firming support around $0.55 aligns with XRP’s 200-day moving average, offering a low-risk area whereby traders can enter swing positions to play a retest of resistance around $0.68 in the near term.

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For context, flag patterns typically emerge after sharp advances as the asset consolidates temporarily before resuming its larger trend. The pattern offers a technically sound setup to participate in the prevailing upside move.

If Ripple manages to hold support on a closing basis around its 200-day MA and take out short-term $0.68 resistance, chances seem strong for closing its bearish gap toward the $0.90–$1.00 area where XRP peaked during its summer run.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

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