XRP Finally Breaks 527-Day Downtrend With A 53% Gain In 7 Days As Ripple Edges On Against SEC ⋆ ZyCrypto
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XRP has finally broken out of the massive downtrend it was stuck in after 527 days, seeing a gain of over 54% in just one week. The breakout comes amid recent commodity relief and summary judgment initiatives by Ripple and the US Securities and Exchange Commission (SEC), which have sparked a series of reactions in the community.
XRP has broken out of a 527-day downtrend
After falling from an all-time high of $3.8 in January 2018, XRP fell to a record low of $0.13 in March 2020. The asset recovered, bringing it back to a peak of $1.8 in April last year. Nevertheless, the downtrend started at this point as XRP has been falling ever since.
The late 2021 bull run did little to help XRP on its path to breakout, leaving many wondering if the asset will ever break free from these shackles. XRP seems to have taken the entire community by surprise, as its breakout from this downtrend comes at a time when the market is seeing the effects of an unrelenting bear market.
More altcoins could stage a rally if BTC hits $20,000 soon
XRP’s escape from this trend was due to its recent meteoric rise. The asset has risen more than 53% in the past seven days, breaking through several resistance points.
In addition, market analyst Michaël van de Poppe shared his opinion on XRP’s defiance of the current market trend. He acknowledged XRP’s recent rally and noted that more altcoins will follow if BTC returns to the $20,000 zone amid consolidation. BTC is currently trading at $18,722 at press time.
XRP is up 18.23% in the last 24 hours, changing hands at $0.50 at reporting time. With a seven-day gain of 53 percent, the asset remains in the green in a generally bearish market. XRP’s market cap has also reached $25 billion as it soars above BUSD to seal its position as the sixth largest cryptocurrency.