Since the XRP price received a massive rejection in March 2022, the rally has continued south, finding lows below $0.3. Triggering a rebound, it maintained a healthy rise along the trendline which served as strong support throughout. However, market dynamics appear to have changed to a large extent, with traders moving from optimism to pessimism.
Market conditions are constantly changing, which means that XRP Price was affected to a large extent. The long-term chart showed notable dominance of the bulls, but the bears intervened, which changed the entire scenario. The token has formed consistent highs and lows for over a year over the long term, but the recent bearish pressure has forced the price to break the crucial range.
Therefore, the price of XRP is now expected to bottom out by plunging over 35% in the coming days.
As seen in the chart above, XRP price collapsed from key trend support and failed to reestablish levels within the decisive symmetrical triangle. Furthermore, the sales volume has accumulated to a large extent, so the downward trajectory may persist for some time to come. After the breakout, the token reached the first bearish target at $0.42, which is part continuation and breakout of support, indicating that this is not the end.
The weekly RSI has fallen below average levels and appears to be heading towards weaker support. Therefore, there is a greater possibility of reaching the next target at $0.4, which is a very strong trend reversal zone. This is strong support as well as strong resistance in the past and therefore very strong volume is required to break through the levels. Now that the bearish pressure has intensified, the next bearish period could push prices below $0.4.
Once this trade is complete, the bulls may not be able to prevent the selling pressure, which could eventually drive the levels towards the crucial lower support zones at around $0.3. Therefore, XRP price continues to remain under bearish pressure, but a rebound and re-entry into the trend could invalidate the bearish theory.