The crypto space witnessed extreme volatility since the beginning of the year 2022. The fight between the bulls and the bears, while bears tend to outperform the bull each time. Yet as the bear got exhausted a little, the bull is currently trying to normalise the trembled condition to some extent.
While most of the cryptos including Bitcoin is utilising all its resources to bounce back effectively, XRP price remains beneath the expected levels.
XRP price slid down the crucial support levels around $0.75 to $0.76 a couple of days before and since then hovering within a very narrow range. No doubt the asset attempted to adopt a significant uptrend, yet failed to hold the trend. And hence got rejected multiple times at $0.6301. Currently, the price has just surpassed these levels but carrying the fear of plunging back below these levels.
With the trend reversal, the XRP price may tend to break the upper resistance, yet the current candle manifesting a bearish trend, could haunt the rally. The XRP price may however manage to surge beyond these levels and until it smashed the minimum levels at $0.7, a substantial uptrend may not be determined.
Moreover, the uptrend beyond $0.7 needs to be followed in order to head towards the crucial support-flipped-to-resistance levels at $0.75 to $0.76.
The buyers are not active currently, that may hamper the rally to some extent, however, as the price surpasses $0.7, then a notable jump in the buying volume may be expected.
As the sellers currently are pretty calm and this is when the buyers are required to jump in action and uplift the price beyond the crucial resistance. Else the XRP price may yet again hit the lower support at $0.5.
Source: https://coinpedia.org/price-analysis/xrp-crashed-heavily-below-0-7-fear-of-a-substantial-plunge-keep-buyers-away/