Rob Art, a Dubai-based crypto enthusiast and analyst, recently took to the X app to call the attention of his teeming followers to an XRP trendline that has surfaced for nearly four years.
Describing the current XRP trendline he spotted, Rob shared an XRP daily chart, noting that XRP had always replicated the pattern in periodic crashes over the past four years.
According to the crypto enthusiast, a bullish run always accompanies XRP’s price movement once it attains support at the trendline. He added that it is safe to say that an XRP rally might be imminent once the digital asset retests the trendline.
For nearly 4 years, #XRP has been revisiting a certain trendline. After that, it pumped hard— 💫ROB ART🚀CRYPTO COINS CREW (@SirRobArtII1) September 22, 2023
It would make sense for $XRP to revisit that trendline and then pump well, thereby delivering a great profit pic.twitter.com/hkq6ziZDZ9
Explaining Rob’s Shared XRP Chart
According to the chart, the first time XRP retested the above-described timeline, it registered a remarkable 575% increase that saw it spike to an incredible $0.7871 price level on November 24, 2020.
Notably, before attaining the above price high, the digital asset had witnessed a dip that saw it drop to a $0.1165 price low in March 2020.
Meanwhile, the onset of the United States Securities and Exchange Commission Lawsuit (SEC) on December 22, 2020, elicited fear and doubt among XRP holders, as many began massive selling off of their XRP holdings.
The filed lawsuit was the genesis of the spontaneous fall in XRP’s market value, in which the digital asset declined by 77% and held on to a selling price of just $0.1720 on December 29, 2020.
The decline did not persist as usual. Instead, the digital asset succeeded in revisiting the support level after it dropped to $0.1720 for the second time.
Following the drop, XRP staged another bull run that saw it ascend to the $1.9659 price level after spiking by a whopping 986% in April 2021.
A series of court battles between the U.S. SEC and Ripple saw XRP drop from its price high attained in April 2021 to $0.2874 on June 18, 2022.
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XRP Previous Surge And Expected Decrease To Retest The Trendline
It is worth noting that the last time XRP re-established a similar price pattern that always accompanies its surge was in January when it dropped to the $0.3000 price level.
Judge Torres’ summary ruling on July 13 elicited the last surge in XRP. The digital asset spiked over 90% to attain the $0.9380 price level.
However, XRP has since been shedding off profits. At the time of writing, XRP is trading at approximately $0.51, implying that it had dropped by 45.63%.
Rob remains convinced that XRP must decline from its 2023 all-time high (ATH) of $0.9380 by 63.36% to retest the trendline, which will ignite its next rally.
Based on calculations, a decline of 63.36% from the $0.9380 would imply a drop to about $0.344, which would become the new support level. It is left to see how events unfold and to which height XRP’s next rally would likely reach.