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Buckle up: Major XRP breakout to $0.69 ‘at a minimal’ in play

Buckle up: Major XRP breakout to $0.69 ‘at a minimal’ in play

As Ripple awaits the judge’s verdict on its ongoing legal dispute against the US Securities and Exchange Commission (SEC), the battle of XRP bulls and bears continues around the critical $0.50 price level.

Seeking further insights, popular crypto market analyst CoinsKid conducted a technical analysis of XRP’s price on Thursday, July 6.

What may come as a surprise to some, the expert believes XRP could witness a major breakout to $0.69 ‘at a minimal,’ assuming the crypto token can break through a descending trend line that connects its previous highs in late March and June. 

“I think if we see XRP take out that white line on the daily, it runs to 0.69 at a minimal.”

– CoinsKid wrote in a tweet.
Descending trend line on XRP daily chart. Source: CoinsKid

XRP price analysis

At press time, XRP was changing hands at $0.47, down 2.2% in the past 24 hours. 

The crypto token lost nearly 10% in the last month from $0.51 amid growing uncertainty over Ripple’s lawsuit against the SEC.

XRP 1-month price chart. Source: Finbold

However, year-to-date, the cryptocurrency’s price remains up over 37%. 

Important XRP resistance levels

The third-most traded cryptocurrency in Q2 2023 has been trading sideways for the most part recently, hovering around the 100-day moving average (DMA). After failing to break above the $0.55 resistance several times, the crypto token is attempting to clear the $0.50 barrier and have another run at this important technical level. 

However, the bulls will have to break through the 200-weekly moving average first before clearing $0.55 and $0.60, where the 100-weekly moving average is located.

Earlier this week, crypto trading expert Michaël van de Poppe also offered his thoughts on XRP, saying the crypto asset needs further confirmation before starting to target the $0.53 price level. 

He added that XRP is currently not displaying a clear structure, though he believes the odds are still in its favor. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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