XRP is among the handful of cryptocurrencies that has yet to set a new all-time high and faced near-endless adversity yet continues to show resilience in the market.
Ripple also continues to push its business model forward despite ongoing struggles with the United States SEC.
For example, the latest remittance collaboration with SBI Remit was welcomed by the market with an enormous 20% rally.
The decisive push by bulls came with enough force to break out through three-month-long downtrend resistance.
XRP Blasts Through Downtrend Resistance
XRP spent the last three months in an extreme downtrend along with the rest of the crypto market.
More than 50% was wiped out from most cryptocurrencies’ prices and market caps, XRP included.
With XRP holding support, breaking out from downtrend resistance, and positive news at its back, a rise back to $1 or more is possible, according to PrimeXBT analyst Kim Chua.
Chua Says, Double Bottom Target Could Extend To $1 Or More.
The technical target of a double bottom formation is only around $0.88 but should broader crypto market sentiment resume bullish, and it could help propel XRP prices even higher.
Before an attempt at $0.88 or higher is made, XRP could face some resistance at around $0.80, Chua continues.
The barrier itself is not overly strong; therefore, unless a deeper correction or some devastating news sweeps across crypto, XRP should extend the current rally and reach the double bottom technical target.
SEC Lawsuit Climax Could Lead To “Interesting Drama” And Volatility
Since Ripple and the native XRP token are no strangers to continued partnerships, it could take a colossal collaboration or perhaps further positive developments around the SEC lawsuit to drive further volatility.
Ripple also appears to be defending their case well, even gaining the upper hand, stressing the SEC enough to enlist additional legal counsel.
Chua points out that “interesting drama” could be on the way as the court case comes to its conclusion.