As XRP witnesses an unexpected resurgence during a red market, a distinguished market analyst identifies the price point at which XRP could break its six-year downtrend.

XRP has engineered another rare and impressive uptrend at a time when the crypto market sentiment is bearish. Yesterday, Bitcoin’s retest of the $65,323 low caused altcoins to bleed but not XRP. Notably, XRP initially followed Bitcoin’s path and crashed to around $0.59.

While Bitcoin and most altcoins have yet to recover, XRP later defied the bearish trend, skyrocketing by 10.14% to hit $0.6579, setting a new four-month high.

At press time, XRP continues to preserve most of the gains, trading at $0.6414. Moreover, XRP now ranks as the best-performing crypto asset among the top 100 under the 24-hour timeframe.

XRP ranking top | CoinMarketCap

This impressive performance amid a bleeding market has attracted wild reactions from the crypto community, sparking increased conviction about its prospects in this bull market.

Commenting on XRP’s future path is renowned market watcher Ali Martinez, who rarely voiced an opinion about XRP’s price action. Taking to X, Martinez remarked on how XRP could continue its bullish trajectory towards the $1 level.

$XRP has been consolidating within a symmetrical triangle for 6 years! A bullish breakout could occur if #XRP surpasses $0.90. pic.twitter.com/YzW3jDuvF9

— Ali (@ali_charts) July 30, 2024

Price at Which XRP Will Break 6-Year Triangle

First, the technical analyst pointed out that XRP has been ranging within a symmetrical triangle for more than six years. Notably, the formation took its height from XRP’s 2018 peak. With XRP witnessing lower lows from then on, the resulting pattern translates to a giant symmetrical triangle.

Amid XRP’s latest comeback, Martinez noted that XRP could finally crack this six-year downtrend pattern by surpassing the $0.9 price level. This breakthrough suggests that once XRP recaptures $0.90, it could initiate more consistent uptrends, marking the beginning of a new pattern away from the longstanding symmetrical triangle.

XRP was last seen at $0.9 in July 2023. To reclaim this price, the asset needs to advance further by 40.3% from its current value. Notably, this percentage increase may not be formidable for XRP, considering that the asset has already grown by 71% from a low of $0.385 to a high of $0.6579 this month.

Timeline for XRP to Hit $0.9

While Martinez has identified $0.9 as the key price point for a bullish breakout in XRP, another market watcher has provided an estimated date for this event.

In a separate analysis, Michael XBT, a market psychologist and chartist, argued that XRP could break out of the six-year symmetrical triangle as early as August —from tomorrow.

While he faced resistance regarding this timeline, Michael stressed that XRP is at the apex of the trend and must break out within the next few weeks.