Notably, XRP, the sixth-largest cryptocurrency by market capitalization, has been in a long-term downtrend since late March 2023, when it plummeted from the $0.58 price level.
Ever since all XRP breakout attempts have met with staunch resistance from determined bears. Regardless of the failed attempt, XRP holders still want the XRP bulls to win in the long run.
Also read: Analyst Predicts XRP Price at $27 Based on Ripple CTO’s Hypothetical New High.here is the schedule
To underscore XRP’s current state in the market, a well-known anonymous cryptocurrency analyst, commonly known as Crypto Rand, highlighted the Crypto asset’s recovery struggles on the daily chart.
According to analysts on the chart, XRP is facing relentless resistance every time it tries to break out from the current descending trendline.
Captioning XRP’s daily chart, Crypto Rand wrote: “XRP is trying to push for a downtrend breakout, but can’t do it right now. Watch carefully.”
$XRP is trying to push for a breakout to the downtrend but is currently unable to. Take a closer look: pic.twitter.com/eU4s3VxYrR
– Crypto Rand (@crypto_rand) May 24, 2023
Notably, XRP has seen significant price gains over the past few days, rising 14% between May 16 and May 19. This recovery move met resistance again at the $0.4755 price level.
Why XRP needs to close above $0.52 and $0.58
Egrag, another prominent analyst in the XRP community, also highlighted the Crypto asset’s current short-term bearish position.
According to the seasoned analyst, XRP is still in a descending channel, a pattern that began in late March when it fell from $0.58, which was also highlighted by Crypto Rand.
Egrag emphasized that XRP may continue this bearish trend in the short term until it breaks out successfully. His bearish targets are the $0.4282 and $0.37 range.
He added that a close above $0.52 and $0.58 would signal the start of a bullish trend.
Also read: Alpha Lion CEO Says Amount of XRP That Could Make Investors Financially Free
The analyst concluded that XRP is a bright Crypto asset in the long run, noting that the current situation does not change anything for its future.
Egrag wrote, “Where does XRP stand? Short term: XRP remains in a downtrend channel until it breaks to the upside and we may continue the #bearish trend in the short term. Likely target: 0.4282c 0.37c range still possible. Closed at 0.52 c and above 0.58c are early signs of bullish momentum in play. Long term: nothing has changed, we’re going to Valhalla.”
#XRP Where does #XRP stand?
Short term: #XRP remains in a descending channel until it breaks to the upside, we may continue in this short term #bearish trend.
0.37c range still possible
Closing above 0.52c and 0.58c is early… pic.twitter.com/M5G7yTbCBb
— EGRAG CRYPTO (@egragcrypto) May 24, 2023
According to CoinMarketCap, XRP is trading at $0.45 at press time, down 2 percent in price over the past 24 hours.
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Source of information: Compiled from TIMESTABLOID by 0x Information.Copyright belongs to the author Solomon Odunayo, without permission, may not be reproduced