The XRP price stands at $0.372400 this morning, having risen by 1.2% in the past 24 hours in the context of a 2% increase for the market as a whole.
Its current price means that it has fallen by 2% in a week and by 1% in the last 30 days, although the altcoin has gained by 9.5% since the start of the year.
While Ripple had reported some exposure to Silicon Valley Bank, which was placed under federal receivership on Friday, CEO Brad Garlinghouse disclosed that the company expects no disruption to its day-to-day business.
This seems to have steadied XRP’s price action in the past few days, while it has also benefitted along with the market from federal intervention to stabilize the ongoing banking crisis.
And with Ripple awaiting a decision in its case with the SEC later this year, it could be in line for some of the biggest gains of any major token in the next few months.
XRP Price Prediction as Bulls Hold $0.37 Level – Can XRP Reach $1 Soon?
XRP’s indicators currently find themselves in a promising position, with its 30-day moving average (red) looking as though it could begin rising towards its 200-day (blue)
Such a move would indicate a breakout rally, the possibility of which is also supported by XRP’s relative strength index (purple), which is still in an oversold position.
This means that it’s due a correction to more bullish territory, something which could very easily happen in the coming days.
XRP had actually risen as high as $0.386898 within the last 24 hours, making for a 7% compared to where it was on Monday.
However, yesterday’s market-wide rally has lost some steam in recent hours, yet the coin has held to its $0.37 support level.
Assuming it keeps its support, this will provide it with the foundation to move higher in the coming days and weeks.
Arguably, XRP is primed for an above-average climb in the near future, seeing as how concerns over Ripple’s exposure to Silicon Valley Bank muted its participation in the market-wide rally that happened yesterday.
Yet most of Ripple’s funds are held with other banks, while FDIC has promised to honor all deposits over $250,000 with SVB.
As such, XRP will climb again, while the looming promise of an end to Ripple’s case with the SEC should eventually provide the altcoin with a massive boost.
Indeed, there are various reasons to believe that Ripple has a good chance of securing a favorable judgment or settlement, with numerous decisions and rulings going its way in recent months.
This includes the exclusion of one of the SEC’s key expert witnesses, as well as Ripple’s winning of access to important SEC emails, not to mention the upholding of the company’s right to use a fair notice defense.
Given such small victories, there’s a real sense within the cryptocurrency community that Ripple will secure a big victory at some point later in the year.
If it does, XRP will begin a course towards reclaiming its all-time high of $3.40, set in January 2018.
Assuming an ongoing recovery in the market as a whole, the coin could easily return to $1 in the second half of the year in such a scenario, while moving higher in 2024.
Of course, this all depends on a positive end to the case, yet it seems as though Ripple has done all it possibly can to secure such an end, and now all that’s left is to wait.
Should I Buy XRP Now?
Now is a good time to buy XRP insofar as the coin is very undervalued, yet it may still take a while before the case ends and the coin enjoys a big bounce.
However, there are a variety of other high-potential coins in the market now, including new altcoins currently holding their presales.
We’ve reviewed such coins in a list of the top 15 cryptocurrencies for 2023, as analyzed by the Cryptonews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.