XRP has wrapped up the week with a notable 9.19% gain, breaking through the previous resistance level at $0.60, according to Cointelegraph. With a monthly increase of 14.69%, the cryptocurrency is on track for its strongest quarterly performance since Q1 2023, marking a 15-month high.

The recent price movement has ended a 3.5-year downtrend, with XRP reaching as high as $0.95 before settling at $0.69 for the month. This shift is significant, as XRP has been in a sideways consolidation phase for over a year. The current monthly gains have disrupted a long-standing downtrend that has persisted for more than three and a half years.

Technical analyst The Charting Guy points out that XRP has also broken a seven-year downtrend that began in early 2018, when the asset peaked at $3.40. Trader Javon Marks speculates that XRP could soar another 30,000% to reach $200, drawing parallels to a 2017 price pattern that yielded a 42,000% return. However, caution is advised, as a $200 price tag would push XRP’s market capitalization beyond $11 trillion, significantly outpacing Bitcoin’s current market cap.

With a recent weekly close at $0.642, XRP has achieved its highest level since December 2023. Since last August, it has been trading within a range of $0.66 to $0.42. Current market trends may provide XRP with the momentum needed to break through $0.70. For this to happen, it’s essential for XRP to establish $0.66 as a support level, which would then challenge the overhead resistance at $0.75—a level tested three times over the past two years, most recently in February 2024.

A decisive move above $0.75 could pave the way toward the $1 mark, as there is minimal resistance in that range. Market analyst Dom suggests that XRP is positioning itself for a short-term upward movement, with $0.63 likely serving as a foundation for support in the coming days.

Please note, this article does not offer investment advice or recommendations. All investment and trading activities carry risks, and readers are encouraged to conduct their own research before making decisions.