This morning, the price of XRP was $0.372400. It has gone up by 1.2% in the last 24 hours, while the market as a whole has gone up by 2%.
At its current price, it has lost 2% in a week and 1% in the last 30 days, but it has gained 9.5% since the beginning of the year.
Even though Ripple said it had some ties to Silicon Valley Bank, which was put under federal receivership on Friday, CEO Brad Garlinghouse said the company doesn’t expect any problems with how it does business on a daily basis.
This seems to have kept the price of XRP stable over the past few days. It has also gotten a boost from the government’s efforts to stop the ongoing banking crisis by stabilizing the market.
And since Ripple is waiting for the SEC to decide on its case later this year, it could see some of the biggest gains of any major cryptocurrency in the next few months.
XRP Price Prediction as Bulls Hold $0.37 Level – Can XRP Reach $1 Soon?
XRP’s indicators are currently in a good place. Its 30-day moving average (red) looks like it could start rising toward its 200-day moving average (blue). A move like this would be a sign of a breakout rally, which is supported by the fact that XRP’s relative strength index (purple) is still in an oversold position.
This means that it needs to move back into more bullish territory, which could happen in the next few days.
In the last 24 hours, XRP went as high as $0.386898. This is a 7% increase from where it was on Monday.
But the market-wide rally from yesterday has lost some steam in the last few hours, but the coin has stayed at its support level of $0.37.
As long as it keeps its support, this will give it the base it needs to go up in the days and weeks to come.
Concerns about Ripple’s ties to Silicon Valley Bank kept it from taking part in yesterday’s market-wide rally, which could mean that XRP is about to go up more than usual in the near future.
But most of Ripple’s money is in other banks, while the FDIC has promised to protect all deposits with SVB that are over $250,000.
So, XRP will rise again, and the fact that Ripple’s case with the SEC should end soon should give the altcoin a huge boost in the long run.
In fact, there are many reasons to think that Ripple has a good chance of getting a favorable settlement or judgment, as many decisions and rulings in the past few months have gone in its favor.
This includes getting rid of one of the SEC’s most important expert witnesses and giving Ripple access to important SEC emails. It also means that the company’s right to use a “fair notice” defense was upheld.
Given these small wins, there is a strong feeling in the cryptocurrency community that Ripple will have a big win later in the year.
If it does, XRP will start moving back toward its all-time high of $3.40, which was set in January 2018.
In this case, if the market as a whole keeps getting better, the coin could easily go back to $1 in the second half of the year and keep going up in 2024.
All of this, of course, depends on the case coming to a good end, but it seems like Ripple has done everything it can to make that happen. Now all that’s left to do is to wait.
08 Mar 2023
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