A well-known analyst has insisted that this cycle presents a different outlook for XRP as the altcoin maintains a trendline that has previously led to declines.
His analysis comes amid the ongoing market recovery push that saw Bitcoin (BTC) reclaim $100,000 and Ethereum (ETH) push above $2,300. While XRP has also observed a mild uptick, it has failed to breach any crucial resistance level, still languishing at the lower end of the $2 region.
Despite this slower rebound rate, XRP still maintains an extremely bullish positioning, according to a chart presented by pseudonymous market analyst “Guy on the Earth.” His latest commentary confirms that the altcoin has continued to hold above a crucial horizontal trendline that historically led to declines.
XRP Gives up the Horizontal Trendline at $2
For context, after XRP recorded its historic 68,990% explosive rally from $0.0055 in March 2017 to the all-time high of $3.8 in January 2018, it faced massive resistance at this peak. Notably, amid this upsurge, XRP crossed above a critical horizontal trendline stationed around the $2 mark.
However, after touching the $3.8 price level, the altcoin saw a massive pullback, relinquishing the $3 psychological mark and subsequently, the $2 level. By giving up the $2 region, XRP essentially broke below the critical horizontal trendline, flipping it from support to resistance.
It bears mentioning that the asset was incapable of maintaining this level for up to one month. Specifically, XRP first conquered $2 on Dec. 30, 2017. Nonetheless, by Jan. 13, 2018, after two weeks, it had already dropped below the price level.
This Time is Different
However, it appears this time might be different, pointing to better resilience and the potential for higher gains. Data from the analyst’s chart shows that the horizontal line at the $2 mark served as resistance from January 2018 until December 2024. An earlier attempt to breach it in April 2021 met a roadblock at $1.96.
Following President Donald Trump’s victory in the latest U.S. election, XRP hopped on the broader market momentum to breach this resistance in December 2024. Interestingly, since then, the asset has held above the horizontal trendline for nearly five months now, marking the first time in its history it has achieved this feat.
Market watcher EGRAG suggested in December that as long as XRP holds $2, there is no cause for alarm. This comes despite mounting bearish pressure and occasional price dips. The resilience has prompted analyst “Guy on the Earth” to insist that the market conditions are different for XRP this time.
As a result, XRP’s potential from here is undeniable. While he failed to present any price targets during the latest analysis, the analyst had predicted in the past that XRP could eventually reach $5.3, designating this level as his first take-profit region. He predicted a run to $3.3, which has already materialized, and further upside to $5.3.
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