XRP Price Prediction as Ripple CEO Confirms Exposure to Silicon Valley Bank – What Does This Mean for XRP?

cryptonews.com:

The price of XRP has gained slightly in the past 24 hours, rising by 0.5% after the coin recovered from a significant fall this past weekend.

At $0.363344, XRP has dropped by 1.5% in a week and by 5% in the last 30 days, with the coin dragged down by the market-wide selloff following the collapse of Silvergate Bank.

Yet XRP has also been threatened by the revelation that Ripple had some exposure to another collapsed financial institution, Silicon Valley Bank, which was shut down on Friday by the Federal Deposit Insurance Corporation after it suffered a run of withdrawals.

However, with the Federal Reserve and US Treasury stepping in to assure SVB's customers that they will have full access to their deposits from today, investor nerves have been calmed, with the crypto market witnessing a recovery since Sunday.

And while XRP hasn't matched the performance of the 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.

One positive piece of news is that XRP's indicators suggest that it's due a rebound sooner or later, with its 30-day moving average (red) now dropping significantly below its 200-day (blue).

At the same time, XRP's relative strength index (purple) has descended from 50 a few days ago to nearly 40, indicating that it's close to becoming oversold.

However, it's still not quite at a bottom, so the coin may not mount a real recovery until its RSI reaches 30 or below.

As stated above, the main reason for XRP's bad weekend was the collapse of Silicon Valley Bank, the failure of which has only worsened the negativity created by the earlier collapse of Silvergate Bank.

In fact, the negativity doesn't end there,