XRP, the native crypto token of the Ripple protocol, was one of the worst-performing altcoins of the last year due to a powerful bear trend the asset just couldn’t break free from.
But that 680-day bear trend was just broken, suggesting that a ripple-effect could trigger an epic recovery rally in XRP in the days ahead.
XRP Breaks Out of 680-Day Bear Trend, Claims 200-Day EMA
Few altcoins have suffered as badly as XRP. After an over 90% drawdown from all-time high prices, the cryptocurrency was stuck in a long, arduous downtrend.
At each glimmer of hope and recovery, the altcoin’s price was swatted back down by a combination of bearish investors and Ripple executives dumping on the market to fund operations.
The cryptocurrency token has fallen from prices of well over $3.50 to as low as 17 cents per token at its December 2019 low.
From that low, however, XRPis already up a total of 93%. Year-to-date, Ripple is already up well over 80%. In February alone, XRP has increased by over 40%.
But with such explosive gains already ready for traders to book, could the rally really go much…
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Author: Tony Spilotro