Ripple (XRP) price struggles to recover from the losses incurred during the crypto market crash.
The XRP price has broken down from its rising parallel channel and is showing no interest in reclaiming its previous positions.
While analysts remain optimistic about XRP, the token must surpass the critical support level of $0.48 and the crucial resistance zone.
Ripple (XRP) is one of the cryptocurrencies that continues to bear the losses incurred following the crypto market crash triggered by the collapse of the Terra ecosystem.
While the majority of tokens, led by Bitcoin, have recovered from the turmoil and even reached new all-time highs, the XRP price has struggled to regain even 50% of its previous value.
Despite the price stagnation, XRP’s trading volume has consistently hovered around $1 billion, indicating a decent level of activity on the platform on a daily basis. This raises the question of why the XRP price has failed to increase, even though traders continue to show interest in the token.
Ripple (XRP) previously maintained a rising parallel channel
The XRP price previously maintained a rising parallel channel, which broke down in the first few weeks of the quarter. Since then, the price has been unable to reclaim the average levels around $0.55, and as a result, the latest pullback has pushed the levels below $0.5.
Price volatility has become more or less negligible, suggesting that further downpours may follow the XRP price rally in the near future.
The XRP price has broken down from the rising parallel channel, as seen in the weekly chart above, and is showing no interest in reclaiming its previous positions. The red flag of the Ichimoku cloud is expanding, indicating the growing dominance of the bears in the market.
While a move above $0.58 may validate a bullish rebound, for XRP to reach the milestone of $1, the price must surpass the crucial resistance zone between $0.85 and $0.9.
