XRP, the 6th largest cryptocurrency by market cap, had a new record in the crypto market on Sunday.
This record, though negative, was shared by Mr. Huber, a widely followed pseudonymous cryptocurrency analyst. As seen on the one-week XRP/ USD chart he dropped on Twitter, XRP printed twelve red candles in a row against the total crypto market.
That is, in the past 12 weeks, the asset has been on a steady downtrend amid the recent market-wide rally that saw bitcoin (BTC) surpassing $25,000 on Monday. Historical data further showed that the last time XRP performed in this manner was in March 2015.
Mr. Huber wrote last Sunday, “New record: Today XRP closes the 12th red candle in a row against the Total of Crypto. This has never happened since March 2015.”
A closer look at the published chart reveals that XRP could be staging a downward breakout from the descending triangle which it formed over the past weeks.
While several XRP proponents like EgragCrypto expect the asset moon in the coming months, it is worth noting that the long-term price action and trajectory of XRP would be dependent on the outcome of the ongoing Ripple-SEC case.
The asset is predicted to rally massively if the United States Securities and Exchange Commission (SEC) loses to Ripple in the longstanding XRP lawsuit. But if it goes the other way then, XRP would be set for a notable price drop. Ripple CEO Brad Garlinghouse expects the XRP lawsuit to be wrapped up by mid-2023.
Looking at the recent updates in the case, the odds seem to be in favor of Ripple which is why many investors have been steadily accumulating XRP recently. More so, whales have been highly interested in the digital token as they continue to move hefty volumes on XRP on a regular basis.
Follow us on Twitter, Facebook, Telegram, and Google News
