XRP Price Prediction as XRP Turns Green – $1 Incoming?
The XRP price has risen by 17.8% since falling to two-month lows on Monday, when the ongoing FTX bankruptcy crisis pushed the wider cryptocurrency market down to a total cap of $859 billion. At $0.385257, XRP's current price represents a very slight 0.3% dip in the past 24 hours, as well as a 19% drop in the last 30 days.
With the Ripple-SEC legal battle still dragging on, prospects for the XRP price in the short-term remain uncertain. While previous months had brought plenty of positive developments for Ripple in its tussle with the securities regulator, last week saw the latter win an important -- and similar -- case against file-sharing cryptocurrency LBRY.
As such, the probability of Ripple securing a favorable outcome in its case have arguably dipped, implying that the XRP price may never fully recover. That said, if Ripple does win, XRP has every chance of passing $1 and beyond.
According to XRP's indicators, it's currently losing momentum and undergoing a downswing. Its relative strength index (purple) fell below 30 in the past few days, indicating strong selling, and while it has recovered a little more recently, it looks to be dipping back to 40.
Similarly, its 30-day moving average (red) is pointing downwards and may fall below its 200-day average (blue) in the next week or so, signalling a 'death cross.' This would portend further losses, at which point it may reach a bottom, providing a good time to buy at a discount.
As we're now warning with pretty much every other coin in the market, the ongoing FTX crisis threatens to push XRP's prices down further in the shorter term. The collapsed exchange is currently under administration after filing for chapter 11 bankruptcy, which potentially holds out the remote hope of
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