XRP has finally broken free from a long-lasting downward trendline that has held it back since its drop in April 2021. The latest development has caught the attention of Dark Defender, a popular analyst, who has now predicted a significant rally of 576% for XRP, with a target price of $3.3.
The release of the “Hinman docs” brought attention to XRP, leading to an initial surge in its price as it began to recover. However, this upward movement was temporary, as XRP later experienced a downturn.
The downward trend had existed for a surprising 777 days, acting as a strong resistance to XRP’s price increase. Previous attempts to break above the trendline in September and November 2021 were unsuccessful. Throughout 2022, XRP remained below the downtrend without any major attempts to surpass it.
According to him, there might still be a minor dip to around $0.40, this won’t disrupt the overall bullish pattern. Currently, XRP is forming a cup pattern, with price targets of $0.8917, $1.7396, and $3.3939, which are expected to materialize starting from August.
He wrote on Twitter, “#XRP has already broken the Downtrend after 777 Days. Super & Wave trends are #Bullish. We can still see $0.40, but this wouldn’t affect the Bullish pattern. We’re forming the cup pattern targeting $0.8917, $1.7396, & $3.3939 starting from August. We are Close.”
In relation to the SEC lawsuit, numerous documents were released on Tuesday regarding a speech made by former SEC director William Hinman regarding the classification of cryptocurrencies as securities. The SEC initially attempted to keep these documents confidential, but in May, Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled that the documents should be made public.
