XRP's spectacular ascent lately astounded the cryptocurrency community, since it had been mostly ignored throughout this bear market. The asset has maintained its position as the highest-performing asset over multiple time periods.
XRP pricing had continued in a downward trend since its April 2021 fall.
The asset appears to be approaching new heights as XRP maintains its freshly orchestrated comeback against the bears. An unidentified crypto trader and analyst praised its latest accomplishment in the early hours of Friday. The analyst presented a chart of XRP with 1-day bars from March 2021 until the present.
The trendline highlighting the asset's downward trend may span up to 528 1-day bars. As shown on the graph, Ripple struggled against a severe downtrend as it sank from one of its all-time highs in April of last year. XRP reached an all-time high of $1.80 on April 14, 2021, after three years of significantF underperformance.
Despite this, XRP's April peak heralded the asset's entry into an imminent downturn. Three months after Ripple's decline from $1.8 to $0.52, the community observed a wild slide. Despite the fact that the asset has staged numerous relief rallies since then, it has remained in a decline.
Conclusion hints of the Ripple and SEC cases
Nevertheless, the recent price reversal has contributed to XRP's spectacular breakout. The fact that this achievement occurred during a period of heavy pessimistic sentiment is additional reason to commend the asset. As of press time, XRP's price has increased by 52.24 percent over the past week, outperforming every other major cryptocurrency.
The suggestion of a conclusion to the legal struggle between Ripple and the SEC preceded its breakout. Separate days prior, both parties filed applications for Summary Judgment. As the SEC has failed to prove XRP is a security, the crypto community anticipates a verdict in favour of Ripple.
At the time of writing, XRP is trading at $0.49, up 15% in the last 24 hours. In addition, Santiment noted that the XRPBTC price just reached a one-year high of 0.000025. Moreover, it appears that XRP shark and whale addresses (carrying between 1 million and 10 million XRP) have been accumulating the asset for the previous two years.
