Ripple (XRP) is among the tokens that are still carrying the losses incurred after the crypto market crash following the collapse of the Terra ecosystem. While the majority of the tokens led by Bitcoin recovered from the turmoil and marked a new ATH, the XRP price has failed to even regain 50% of it. Besides, the trading volume consistently remains around $1 billion, which suggests decent activity on the platform every day. This raises the question of why the XRP price is not increasing, even though traders continue to be interested in the token.
The XRP price maintained a rising parallel channel, which was broken down in the first few weeks of the quarter. Since then, the price has failed to reclaim the average levels at around $0.55 and as a result, the latest pullback has slashed the levels below $0.5. The price volatility has become more or less negligible and hence it suggests more downpours may follow the XRP price rally ahead.
The XRP price has broken down the rising parallel channel, as seen in the above weekly chart and is displaying no interest in reclaiming the positions. The red flag of the Ichimoku cloud is expanding, suggesting the growing dominance of the bears. On the other hand, the volume oscillator has slumped to levels not seen in the past two quarters. Hence, validating the possibility of slumping to new lows in the coming days.
Regardless of the bearish certainties, many analysts continue to remain bullish on XRP and believe it to be a good time to stack XRP. The recent SEC update has boosted optimism around the token. However, the token continues to sit at a critical support level of around $0.48, which indicates the continuation of a bearish trend to reach $0.4 until it does not surpass $0.58 and confirms a rise above the bearish influence.
This move may, however, validate a bullish rebound, but to reach the milestone at $1, the XRP price is required to surpass the crucial resistance zone between $0.85 and $0.9.
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