The XRP price in recent times has bottomed hard since the February trade as the stocks and the cryptocurrency market fell to their knees. The asset is now trading below 23% of its monthly highs and below 47% from the 2021 highs. Moreover, the global crypto market cap has also depleted by 0.21%, standing at $1.86 trillion while the volume remains depleted by more than 10%.
The reason behind the plunges within the crypto space and mainly of XRP price is said the be the raising concerns over the bond market, inflation, interest rates and mainly the tussle between the Ripple and the SEC. The analyst expects the outcome of the case to be somewhere in the second half of 2022 and hence a significant uptrend may materialize.
The daily chart shows that the XRP price has been in a strong bearish trend in the past couple of days. With a closer look, it can be confirmed that the bearish trend ignited when the asset began swinging within a rising wedge. With the price slash, the token moved below the 25-day and 50-day MA levels and moreover, the MACD appears to have made a bearish cross indicating that the bearish trend could prevail long
The healthy consolidation around the lower support at around $0.71 from the past couple of days points toward an upcoming trend reversal irrespective of the direction. As the price is swinging in between the pivotal levels, a resurgence of a bullish trend may only be when the price enters the triangle and breaks through the resistance. Else, the XRP price may continue with the bearish trend to test the lower support at $0.64 initially and later at $0.55.