XRP Price Breaks Out Of 528-Day Downtrend; Will Price Keep Soaring?

Abigal Vee
September 23, 2022
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ripple xrp

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.

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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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Abigal .V. is a cryptocurrency writer with over 4-years of writing experience. She focuses on news writing, and is skilled in sourcing hot topics. She’s a fan of cryptocurrencies and NFTs.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.