Coinskid, a well-known XRP advocate and chartist, recently launched XRP/USD in the graph It revealed a continuing downtrend line. According to the chart expert, if a breakout occurs above this downtrend, the altcoin could experience a 47.5% increase from its current price levels.
As the sixth-largest crypto asset by market cap, XRP has entered a prolonged downtrend as the overall crypto market bear season continues. Moreover, the long-running Ripple-SEC lawsuit has created an additional barrier for the altcoin price to enter the bull season.
Besides, Ripple experienced a short-term rebound in March 2023 compared to the decline in the crypto market, after which it rose above the $0.58 level. However, this $0.58 price level quickly turned into a resistance level as traders started taking profits. This level also marked the beginning of the downtrend line on the daily chart of XRP/USD shared by Coinskid.
Coinskid’s analysis drew a bearish trend line based on the $0.58 and $0.55 price points. While the popular altcoin continues to trade around $0.4677 at press time, the analyst predicts that a break above the aforementioned downtrend line could take XRP price to $0.69:
“I think if XRP crosses the white line on the daily chart, it will rise to at least 0.69.”
As a result, according to Coinskid’s analysis, if the ongoing downtrend on the XRP/USD chart is broken, the price of XRP could rise significantly. However, investors should always do their own research, assess the risks and make their decisions carefully. It is important to remember that market conditions are constantly changing and it is necessary to think carefully before investing in crypto assets.
You can follow the current price action here.