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Summary

Ripple (XRP) price has struggled to recover from losses incurred in the recent crypto market crash. Analysts are optimistic but XRP must surpass key support and resistance levels for a significant rebound.

Introduction

The XRP price has broken down from its rising parallel channel and is facing challenges in reclaiming previous positions despite trader interest and consistent trading volume.

Main Points

Ripple (XRP) has been unable to recover losses from the crypto market crash caused by the collapse of the Terra ecosystem. While other tokens have seen improvements, XRP has struggled to regain value. The price stagnation is accompanied by a trading volume of around $1 billion daily.

The XRP price previously maintained a rising parallel channel but has since broken down, struggling to surpass $0.5. The low volatility may indicate further price drops. The Ichimoku cloud signals dominance of bears in the market.

Conclusion

To achieve a bullish rebound, XRP must move above $0.58 and surpass the resistance zone between $0.85 and $0.9 to reach the milestone of $1. Despite challenges, analysts and traders remain hopeful for a potential upward trend in XRP price.

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