As the crypto space bleeds red, the Ripple price slashed below the multiple support levels and hence on a higher time frame. The ongoing LUNA-UST tussle has led to a domino impact with the BTC price which in turn dragged teh entire crypto space beneath. However, despite the bearish scenario prevailing, the XRP price is expected to rebound.
XRP price since the mid of April been swinging forming constant lower lows and later forming a support base around $0.62 for a longer time. Further with a massive downtrend being ignited, the XRP price slipped hard below $0.4 which was fueled by TerraUSD(UST). However, the weekly support zone still appears in the control and as Bitcoin is heading strongly towards $30,000, the possibility of a significant recovery emerges.
Currently, the XRP price is attempitng for a v-shape recovery after bouncing off from the lower support zone. No doubt the bears are still pretty active and hence may jump in at frequent intervals. And they also slash the prices to the lower supply zone. With a significant bounce from the lower support, the price may quickly tet and clear immediate levels around $0.42 initially and later continue to test the upper resistance.
Considering the MVRV (Market Valve Realised Valve) which indicates the average profit or loss of the investors. The MVRV ratio is currently above 50% which represented an unprecedented sell-off in the long term. However, the Bitcoin(BTC) prices need to be stabilized a little, or else the price may reach new support levels very soon.