XRP – the native token of Ripple – has eventually staged a breakout from a 528-day downtrend, as its outstanding rally gains steam. Largely overlooked throughout this bear market, XRP recently surprised the crypto community with its meteoric rise. The asset has stationed itself as the highest-gaining top asset in several timeframes.
XRP price had remained in a downtrend following its crash in April, 2021
As XRP sustains its recently-engineered comeback against the bears, the asset appears to be reaching some new heights. Its recent achievement was highlighted by an anonymous crypto trader and analyst in the early hours of Friday. The analyst disclosed an XRP chart, with 1-day bars from March of 2021 to the present day.
#XRP has officially broken-out of its downtrend after 528 DAYS | Round of applause for yourselves if you made it this far | WOW 📈🤩 $XRP pic.twitter.com/6bobkminJt
— Cryptoes🦶🏼📈 (@cryptoes_ta) September 23, 2022
The trendline which highlights the asset’s downtrend covers up to 528 1-day bars. As noticed on the chart, Ripple found itself struggling against a potent downtrend as it fell from one of its highest points in April of last year. XRP reached a peak of $1.8 on April 14, 2021, following 3 years of extensive underperformance.
Notwithstanding, XRP’s April peak preceded the asset’s caption in a looming downtrend. As Ripple crashed from $1.8, the community noticed a free fall to $0.52 three months later. Inasmuch as the asset has been staging some relief rallies since then, it has remained in the downtrend since.
Hints of Ripple and SEC case conclusion
Nonetheless, the recent price reversal has assisted in XRP’s dramatic breakout. The fact that this feat comes at a time when the bearish atmosphere is rather intense, is another reason to commend the asset. XRP has risen by 52.24% in the past week as of press time, outperforming every top cryptocurrency.
Its breakout shortly followed the hint of a conclusion of the legal battle between Ripple and the SEC. Both entities previously filed motions for Summary Judgment on seperate days. The crypto community expects a ruling in favour of Ripple, as the SEC has failed in proving XRP is a security.
XRP currently trades at $0.49 at the time of reporting, up 15% in the past 24 hours. Additionally, Santiment highlighted that the XRPBTC recently hit a 1-year high of 0.000025. Furthermore, it appears XRP shark and whale addresses (holding 1M to 10M XRP) have been accumulating the asset for the past 2 years.
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Source: https://coingape.com/xrp-price-breaks-out-528-day-downtrend/