Trader Predicts Monster XRP Rally Ending in $2 “Blow-Off Top” by July

According to a crypto trader identified as CoinsKid on X, XRP appears to be setting up for a potential rally in what he described as a “blow-off top theory.” In a recent post, CoinsKid discussed a confluence that could trigger an XRP move towards $2 by July this year, with the potential of breaking above the long-term resistance.

Taking a look at the #xrp chart on the monthy, Is this more confluence to my blow-off top theory in July of this year for RISK appetite #bitcoin #xrp #sp500 #dxy #ethereum

3 points of contact breakout.

⏳️

Good luck all 👍 pic.twitter.com/lzKG4Je6h1

— CoinsKid (@Coins_Kid) March 6, 2024

CoinsKid based his analysis on XRP’s monthly chart, tracking back to January 2018, when the price crashed below $2. He used a screenshot to show that XRP attempted to retest the $2 region only once after the crash, in April 2021. Hence, the XRP $2 resistance level hasn’t been broken for over five years.

The trader revealed another crucial angle in XRP’s price development since 2018. He showed that XRP has repeatedly bounced off an ascending trendline over the period under review. He shared an XRP chart that reveals a recent bounce off the trendline, with significant upward potential toward the long-term resistance at $2.

If CoinsKid’s prediction is correct, XRP will gain about $1.4 to reach the $2 target in the next four months. It would trigger the kind of rally the top altcoin has not experienced since 2021, the last time it tested the $2 region.

XRP traded for $0.619 at the time of writing, according to data from TradingView. The crypto token surged significantly last July after a partial victory in the ongoing court case between Ripple and the U.S. Securities and Exchange Commission (SEC).

Since that ruling, XRP has continued sideways, trading between $0.45 and $0.75. Users expect the final court verdict or the upcoming altcoin season to trigger XRP’s next big move. That could perhaps lead to the fulfillment of CoinsKid’s prediction.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source