Ripple’s XRP Surges By 124% From Last Year’s Bear Market
XRP has emerged as a leading cryptocurrency in the present cycle, having grown by more than 124% from its 2022 downtrend. Many digital assets hit a record low in 2022 as the bears dominated the market. XRP was one of the tokens heavily impacted by the bear market.
Interestingly, the token's poor price performance last year was partly because of the SEC vs. Ripple suit. It is worth noting that XRP dipped to $0.28 in June 2022 amid the heat of the bear market, marking the token's lowest price mark last year.
XRP - Is it All Set to Recover previous Losses?During the first quarter of 2023, XRP continued the bearish trend but surged impressively during the second half of the year.More importantly, the blockchain giant almost surged to $1 last July, leaving several investors with huge profits.
It is worth noting that the July 13 US court ruling led to a massive price rally for both small and large-scale investors. Crypto entities listed XRP on their exchange platforms and wallets, providing support for the coin.
Also, several crypto pundits globally invested in the coin. According to the court ruling, Judge Analisa Torres concluded that the coin doesn't classify as a security, as the SEC accused.
Amid this bullish ruling, XRP soared by more than 70% in less than three hours on the day of the ruling.
The coin soared from a low of $0.4695 to $0.9380 in just one bullish daily candle. In July, the double-digit price growth positioned the coin as a top performer in the overall cryptocurrency industry.
A Whopping 124% IncreaseIn compliance, investor interest in XRP soared impressively alongside the coin's social dominance. But, XRP's price also registered a slight retracement following the spike as numerous traders withdrew their profits, impacting the token's liquidity and price. This led to a $2.3 billion decline in the token's market cap in just seven days.
In the meantime, XRP is currently changing momentum at $0.626. Though this price level reveals a 13% decrease in the last 30 days, it also indicates a 124% growth from its 2022 bear market low price.
Consequently, this reality has fired up bullish sentiments regarding the future trajectory of XRP. Following historical patterns, a leading analyst projected that the coin could spike by 439% in a week to cross the $3 mark.
The analyst, Dark Defender, a notable XRP-maximalist, maintains his bullish confidence in the coin.
He cited information from a weekly timeframe, identifying a pattern that XRP followed in 2021 and the multi-year downtrend seen since the dip in April 2021.
Dears I've prepared you a long term of #XRP chart. So, this is for the investors and not for day traders. I will get my coffee and grab yours, take a look. When she starts, it will be astonishing, there will be no more death, neither sorrow nor crying. #XRPCommunity remember. pic.twitter.com/D7rhUxcuRB
- Dark Defender (@DefendDark) February 26, 2021
Dark Defender took his projection of the coin's future on X, revealing some notable trend reversals in the technical chart.
The post Ripple's XRP Surges By 124% From Last Year's Bear Market appeared first on The Tech Report.