There has been a slight increase in the price of XRP over the past 24 hours, up 0.5% after the coin recovered from a significant drop over the past weekend.
At $0.363344, XRP is down 1.5% in one week and 5% in the last 30 days, following which a market selloff brought the coin down. collapse of silvergate bank,
Yet XRP is at risk from this revelation as well Ripple had some contact with another collapsed financial institutionSilicon Valley Bank, which was closed on Friday by the Federal Deposit Insurance CorporationAfter facing a series of withdrawals.
While the Federal Reserve and the US Treasury stepped in to reassure SVB customers that they would have full access to their deposits from today, investors’ nerves have been calmed, with the crypto market witnessing a recovery since Sunday.
And while XRP hasn’t matched the performance of other major coins today, the token still has a potentially bright future ahead of it, with Ripple awaiting a positive end to its long-running case with the SEC this year. .
XRP Price Prediction as Ripple CEO Confirms Exposure for Silicon Valley Bank – What This Means for XRP
One positive news is that XRP’s indicators show that it is due to rally sooner or later, with its 30-day moving average (red) now falling well below its 200-day (blue).
Meanwhile, XRP’s Relative Strength Index (purple) has dropped from 50 a few days ago to around 40, indicating that it is close to being oversold.
However, it has not yet bottomed, so the coin may not make a real recovery until its RSI reaches 30 or below.
As mentioned above, the main reason for XRP’s bad weekend was the collapse of Silicon Valley Bank, whose failure has only worsened the negativity generated by the earlier collapse of Silvergate Bank.
In fact, the negativity doesn’t end there, because Signature Bank also failed over the weekendWith state regulators shutting down the New York-based lender on Sunday.
Given that some crypto-exchanges moved to Signature after Silvergate’s difficulties, this third tech-friendly bank failure spells problems for crypto.
For XRP, Ripple has revealed that it had “some exposure” to the Silicon Valley bank.
Such a risk could cause significant damage to Ripple, however A joint statement from the Federal Reserve, the US Treasury and the FDIC has revealed that from Monday, March 13, customers of SVB (and Signature Bank) will have access to all of their money.
This statement is the reason why the cryptocurrency market saw a recovery of sorts on Sunday, and why XRP did not fall further.
And with US regulators now taking steps to strengthen the banking system, there is a sense of relief that no more bank failures will be likely in the near future.
Because of this, XRP may continue to await the resolution of Ripple’s case with the SEC.
In fact, there were some positive developments for Ripple last week, with Judge Annalisa Torres approving the firm’s motion to remove Patrick Doody as an expert witness, while allowing crypto-focused attorney John E. Deaton to appear as a witness. also rejected the SEC’s motion to remove it. wave.
Small victories like this add to all the other positive developments Ripple has welcomed over the past year, boosting sentiment that it could secure a favorable decision or settlement.
For example, last year the presiding court Ripple granted access to important SEC emailswhile it also Company’s right to use fair notice defense upheld,
with and Ripple’s Brad Garlinghouse is making a prediction Case in point this year, it won’t take long for XRP to get the kind of good news that sends it into a massive bull rally.
Immediately following the case, we can expect XRP to rise back to $0.5 and even higher by the end of the year.
From there, a return to more decisively bullish market conditions could also see the coin surpass the record high of $3.40, which was reached back in January 2018.
This is a real possibility considering how XRP missed out on the 2021 bull market and how Ripple’s business is doing well Despite the ongoing case.
XRP Alternatives
Despite XRP’s potential, it may not see a major rally until the Ripple-SEC case is over.
Fortunately, there are many other high-potential coins in the market right now, from new altcoins to pre-sale tokens.
We have reviewed such coins in the list of top 15 cryptocurrencies for 2023, as analyzed. cryptonews Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.