XRP price is currently stuck under a declining resistance barrier. This situation comes in the wake of the bearish movement the market is experiencing as a result of the developing conflict in Eastern Europe. However, some see this as a prime time to buy XRP before the bulls push for another upswing.
As it stands, some analysts think that retesting the demand zone at $0.56 and $0.63 will be the key triggers that will push the XRP to a 35% upswing to $0.85. The current steady downtrend with lower highs and lower lows depicts a declining trend line. However, this correction can also be seen as a buying opportunity, allowing prospective investors to take in quick gains.
XRP has been stuck at the same level in the last three weeks, with the only significant fall resulting from the recent market-wide crash. This may indicate that a recovery is impossible in the near future. However, despite this bearish development, sideline buyers may take this as an opportunity thanks to the coin’s proximity to a stable support level.
If this continues, the trend will push the XRP to retest the twelve-hour demand zone, where the price could fall between $0.56 and $0.63. This is where interested buyers could come in and accumulate Ripple XRP at a discounted price.
The arrival of these new buyers could push the XRP price significantly. This will likely allow the coin to ignore the declining trend line and make for the $0.85 resistance barrier. This situation will mean a 35% ascent for the token. If this happens, the XRP price will likely sweep above this level and collect the liquidity resting above.
While this possibility is great for the XRP, this bullish thesis will be invalidated if it falls below the $0.56 level. For now, investors may remain cautious before making a decision, especially considering the downtrend the whole market is facing.