- After 777 days, XRP finally breaks away from a lengthy downtrend, setting the stage for a potential 576% rally.
- A well-known analyst foresees the start of a bull run for XRP, with a target price of $3.3.
The tide seems to be turning for XRP as it surges past a two-year downtrend, hinting at a potentially game-changing 576% rally on the horizon. Following a robust 11% weekly close, the cryptocurrency has successfully overcome a trendline that had suppressed its value since April 2021.
This triumphant breakthrough for XRP came after a protracted period of contraction, following its descent from a peak of $1.96 in April 2021. Dark Defender, a well-regarded market analyst, pointed out this bullish upturn, suggesting that XRP is now primed for a rally reaching as high as $3.3.
Dark Defender underscored the fact that this downtrend had persisted for a whopping 777 days, a formidable barrier thwarting any price ascent for XRP. The downtrend’s inception can be traced back to a market correction on April 12, 2021. Since then, the cryptocurrency faced several futile attempts to shatter this resistance, notably in September and November of 2021.
Following these unsuccessful attempts, XRP found itself subdued beneath the trendline throughout 2022, without any visible efforts to challenge it. Notwithstanding, a promising breakout attempt in March 2023 during a solo run to $0.5850, this was yet again unsuccessful. XRP subsequently returned below its high price position.
However, the dawn of May witnessed an impressive 11.18% surge in the cryptocurrency’s value as it closed the week. This time, XRP succeeded in surmounting the downtrend, marking a watershed moment for the currency that continued to trade above it.
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Amidst these significant price movements, Dark Defender highlighted the emergence of a ‘cup pattern’ on XRP’s weekly charts. This pattern, characterized by a rounded bottom formation, often signals an imminent uptrend following a breakout.
The analyst conceded that XRP could briefly dip to the $0.40 level, but reassured that this would not quell the anticipated uptrend. He outlined the roadmap for the impending rally, setting the first target at $0.8917. Utilizing this point as a springboard, XRP would then rally towards the second target at $1.7396, with the ultimate bull run carrying it to $3.3, representing a 576% appreciation from its current value.
Despite recent hiccups with the $0.50 psychological support, XRP’s positive momentum was evidenced by two consecutive daily winning sessions following a drop to $0.4558 on June 16. At the moment, the asset is being traded at $0.4881.
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