XRP Breaks Downtrend Line, Analyst Sees Major Bull Market On Horizon
XRP has broken a long-term downtrend line, according to prominent crypto analyst Steph Is Crypto (@Steph_iscrypto) on X. This pattern has preceded every major bull run since 2020 and has held across three prior cycles. In each instance, the price rallied for at least 122 days after breaking this trend line.
The analyst points out that in 2020, the bull run lasted approximately 365 days after XRP broke through the downtrend line. In 2022, a similar breakout preceded a 122-day uptrend to a new high. Most recently, it took about 242 days from the same break point to reach a new local high.
Beyond USD price action, XRP's ratio against gold is also a confirming signal for the analyst. The cryptocurrency has bounced off a long-term support trend line in the XRP/gold ratio that has been in place since 2020. Each prior touch of this line marked the beginning of the next major bull run, both in gold terms and USD.
XRP now faces resistance in the 0.0003 to 0.0004 range on the gold ratio. The analyst notes that whenever XRP breaks through this resistance, we see major rallies to the upside. A breakout above this level would set a new all-time high.