- XRP’s price experienced an 8% retracement to $0.53 but showed resilience amidst selling pressure.
- Despite lagging behind rival coins like Avalanche and Ethereum in gains, XRP saw a 7.4% increase.
- The trading volume for XRP dropped by 73.2% from its peak on February 15 to 22, indicating a decline in trading activity.
XRP experienced a notable setback, declining by 8% to a weekly low of $0.53 on February 22nd. However, amidst this downturn, traders displayed resilience, signaling an intent to hold out for a potential rebound.
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A week earlier, XRP had surged to a peak of $0.58 on February 15th, driven by favorable conditions within the layer-1 crypto sector. Despite slipping below $0.55 in subsequent days, investors refrained from instigating a significant sell-off.
Source: TradingView
This behavior mirrored trends in other layer-1 coins like Avalanche, Solana, and Ethereum, which all witnessed substantial gains. While XRP trailed its counterparts with a 7.4% uptick, it still reached a monthly high before its retracement.
On-chain data analysis revealed a prevailing bullish sentiment among XRP holders, even amidst the price decline. Notably, trading volume plummeted by 73.2% between February 15th and 22nd, while the price only dipped by 8%, indicating underlying investor confidence and anticipation of a rebound.
Factors such as the overall growth in the altcoin market cap, coupled with historic peaks in Bitcoin and Ethereum prices, further supported optimism for XRP’s recovery. However, challenges remain, with resistance seen around the previous peak of $0.58 and crucial support at the $0.50 mark.
The coming days will determine whether XRP bulls can defend key levels and drive the price towards a potential breakout above $0.60 or if bears will exert pressure, leading to further declines.
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