It’s worth noting that XRP, the 6th largest cryptocurrency by market cap, has been enduring a prolonged downtrend since it crashed from a $0.58 price level in late March 2023.
Ever since all XRP break-out attempts have been met with stiff resistance from the determined bears. Regardless of the failed attempts, XRP holders remain hopeful of a win for XRP bulls in the long run.
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Stressing XRP’s current situation in the market, a prominent pseudonymous crypto analyst, popularly known as Crypto Rand, highlighted the digital asset’s struggle for recovery on a daily chart.
According to the analyst on the chart, XRP is facing an unrelenting resistance each time it attempted to post a break out from the current descending trendline.
Captioning the XRP daily chart for illustration, Crypto Rand wrote, “XRP tried to push for the breakout of the downtrend, but unable to for now. Watching closely.”
$XRP tried to push for the breakout of the downtrend, but unable to for now. Watching closely: pic.twitter.com/eU4s3VxYrR
— Crypto Rand (@crypto_rand) May 24, 2023
It’s worth noting that XRP has printed notable price gains in the past few days, surging by relatively 14% between the 16th of May and the 19th of May. This move for recovery hit resistance once again at the $0.4755 price level.
Why XRP Needs to Close above $0.52 and $0.58
Egrag, another notable analyst in the XRP community, also emphasized the current short-term bearish position of the digital asset.
According to the seasoned analyst, XRP is still in a descending channel, a pattern that started when it dropped from $0.58 in late March, which was also highlighted by Crypto Rand.
Egrag stressed that until XRP prints a successful breakout, it might continue this bearish trend in the short term. His bearish targets are the $0.4282 and $0.37 ranges.
He added that a close above $0.52 and $0.58 will serve as a sign that a bullish trend is about to start.
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The analyst concluded that XRP is a bright digital asset in the long term, stating that the current situation has changed nothing about its future.
Egrag wrote, “Where is XRP Standing? Short-Term: XRP is still within the descending channel, until it breaks out to upside we might continue in this short term #bearish trend. Possible Targets: 0.4282c 0.37c Range is still a possibility. Closing above 0.52c & 0.58c is the early signal that the Bullish momentum is in play. Long-Term: Nothing has changed we are going to Valhalla.”
Short-Term:#XRP is still within the descending channel, until it breaks out to upside we might continue in this short term #bearish trend.
0.37c Range is still a possibility
Closing above 0.52c & 0.58c is the early… pic.twitter.com/M5G7yTbCBb
— EGRAG CRYPTO (@egragcrypto) May 24, 2023
At the time of press, XRP is trading at $0.45, with a relatively 2% price downtrend in the last 24 hours, according to CoinMarketCap.
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