XRP Price Prediction as Price Rallies 20% From Recent Crash – Is The Selling Over?
The XRP price has risen by 8% in the past day, with its current level of $0.394470 representing a 20% jump since it fell to around $0.33 in the wake of the FTX insolvency crisis. XRP is one of the best-performing major coins in the last 24 hours, although the outcome of the SEC vs. LBRY case casts doubt on Ripple's ability to come to a positive conclusion in its own case.
Regardless, the unfolding FTX drama could ultimately pull down XRP's price yet again in the next few days or weeks, assuming that the imperiled exchange fails to secure fresh funding or some kind of rescue acquisition. At the same time, a win for the SEC in its case against Ripple would send XRP much lower.
XRP's chart shows that it remains on a downswing. Its relative strength index (purple) appears to have stalled on its way back up to 40, signaling that there isn't enough momentum in the market to help it recover fully from recent losses.
On top of this, XRP's 30-day moving average (red) is sliding downwards and will likely form a 'death cross' with its 200-day average (blue) in the coming days. This could indicate further losses as part of a plunge towards a lower medium- or long-term level.
Such fears are reinforced by recent goings-on in the cryptocurrency market and industry. Most notably, FTX remains on the brink of collapse, with Binance withdrawing from a proposed acquisition yesterday that could have helped the exchange.
Now, CEO Sam Bankman-Fried appears to be scrambling to raise around $9.4 billion from investors and other trading platforms. However, existing investor Sequoia Capital wrote off its investment in the exchange yesterday, seriously undermining hopes that other investors will pony up more cash.
This all suggests that there's a very
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