XRP has finally broken out of the massive downtrend it was caught in after 527 days, as a gain of over 54% is seen in just a week. The breakout came amidst the asset’s recent relief rally and summary judgment motions filed by Ripple and the U.S Securities and Exchange Commission (SEC) that have sparked a series of reactions in the community.
XRP has broken out from a 527-day downtrend
After crashing from its all-time high of $3.8 attained in January 2018, XRP plummeted to a record low of $0.13 in March 2020. The asset staged a recovery, which brought it back to a high of $1.8 in April last year. Notwithstanding, the downtrend began at this point, as XRP has been dipping since then.
The bull run of late-2021 did little to assist XRP on its journey to a breakout, leaving many to wonder if the asset will ever free itself from these shackles. XRP appears to have stunned the entire community, as its breakout from this downtrend comes at a time when the markets are seeing the effects of the steadfast bear market.
More altcoins could stage a rally if BTC hits $20k+ soon
XRP’s escape from this trend was prompted by its recent meteoric rise. The asset has gained by over 53% in the past seven days, breaking through several resistance points.
Furthermore, market analyst, Michaël van de Poppe, shared his opinion on XRP’s defiance of the current market trend. He acknowledged XRP’s recent rally, noting that more altcoins will likely follow suit should BTC revisit the $20k+ zone amidst a consolidation. BTC currently trades at $18,722 as of press time.
XRP has gained by 18.23% in the past 24 hours, as it changes hands at $0.50 at the reporting time. With a 7-day gain of 53%, the asset remains green in a generally bearish market. XRP’s market valuation has also surged to $25 billion, as it towers over BUSD to seal its position as the 6th largest cryptocurrency.
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