Xrp Price Prediction: XRP Price Recovers Slightly After Weekend Dip Amidst Banking Industry Turmoil. Can XRP Recover To $0.42 Resistance?

ByEvans Karanja

Updated: 14 March 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

In the last 24 hours, the price of XRP has increased by 0.5% after recovering from a significant dip over the weekend.

XRP Faces Setback as Multiple Tech-Friendly Banks Collapse

XRP, a cryptocurrency associated with Ripple, faced a potential threat to its value due to the collapse of Silicon Valley Bank, to which Ripple had some exposure. However, the US Treasury and Federal Reserve intervened and assured customers of SVB full access to their deposits, which helped the crypto market recover since Sunday. Although XRP’s performance could have been better than that of other major coins, it still has a promising future. Ripple is awaiting a favorable outcome in its ongoing case with the SEC, which could significantly impact the coin’s value later this year.

Setting the record straight on SVB Qs:

Ripple had some exposure to SVB – it was a banking partner, and held some of our cash balance. Fortunately, we expect NO disruption to our day-to-day business, and already held a majority of our USD w/ a broader network of bank partners.

— Brad Garlinghouse (@bgarlinghouse) March 12, 2023

Unfortunately, XRP experienced a setback over the weekend due to Silicon Valley Bank’s collapse, which worsened the impact of Silvergate Bank’s earlier collapse. Signature Bank also failed, with state regulators closing the New York-based lender on Sunday. This latest failure of a tech-friendly bank is problematic for the crypto industry, particularly as some crypto exchanges had switched to Signature Bank after Silvergate’s collapse.

Ripple (XRP) Faces SEC Probe and Potential Bull Run as Court Case Nears Conclusion

In 2020, the Security and Exchange Commission (SEC) initiated an investigation into Ripple (XRP) due to alleged irregularities in raising over $1.3 billion. The SEC claimed that Ripple (XRP) had issued unregistered securities, which went against their regulations.

As the SEC’s case against Ripple (XRP) approaches its conclusion, analysts are predicting that the price of Ripple (XRP) will experience a strong bull run. Investors are eager to see if the price of Ripple (XRP) will exceed its previous all-time high of $3.4 once the court case is resolved. Ripple (XRP) founder Brad Garlinghouse has indicated that the SEC is expected to reach a verdict by 2023.

XRP Market Price Analysis

At the time of writing, the price of XRP (XRP) is trading at $0.373651 with a 24-hour trading volume of $1,909,368,785. Over the last 24 hours, its value has increased by 0.43%; over the past 7 days, it has risen by 1.65%. With a circulating supply of 51 billion XRP, the market cap of XRP stands at $19,095,352,390.

The fully diluted valuation (FDV) of XRP is $37,477,939,618. This is the maximum market cap that could be achieved if all 100 billion XRP tokens were circulated today. However, it may take several years to realize this potential value, depending on the emission schedule of XRP tokens.

Over the past week, XRP has shown a price increase of 1.70%, underperforming the global cryptocurrency market, which has seen a rise of 4.10%. However, it has outperformed similar cryptocurrencies that have remained stagnant at 0.00%.

XRP Price Prediction: XRP/USD Daily Chart Analysis

XRP has been trading along the support level, indicating a strong support zone. When writing, the price trades above the support zone, indicating an upward move toward the previous resistance level.

Confirmation will be needed when the price surpasses the 50- and 200-day moving averages. Currently, the price of XRP is trading below the averages, which indicates selling pressure. The relative strength index also confirms the selling pressure as it trades below the 50-level mark at 45.

Based on the analysis above and events surrounding the XRP coin, we can predict the XRP price will reach the resistance level of $0.42. Alternatively, the price might rebound to the support zone at $0.35 if the 200-day and 50-day moving averages remain strong.