XRP Price Prediction as XRP Jumps 8% in 7 Days – How High Can it Go?
The price of Ripple’s XRP token dropped sharply on Monday in tandem with downside in broader cryptocurrency markets on risk-averse macro flows. XRP/USD was last changing hands in the $0.39 area, down around 3.4% over the last 24 hours according to CoinMarketCap. That takes the cryptocurrency’s losses since last Friday to around 7.0%, or a just shy of $1.5 billion drop in the cryptocurrency’s market capitalization.
XRP lost its upside momentum last Friday after failing to break above key resistance in the $0.41-42 area in the form of the July highs and late September/mid-October lows.
The cryptocurrency, alongside much of the rest of the market, continues to fight headwinds in wake of the sudden implosion of cryptocurrency exchange FTX earlier in the month. Prior to FTX’s abrupt collapse, which was triggered as rapid user withdrawals exposed the fact that the exchange had misallocated its users' deposits, XRP had been trading in the upper $0.40s/$0.50 area.
Despite the above, XRP is still up close to 8% versus seven days ago. Despite being lower on Monday, it has managed to hold onto its 200 Day Moving Average (DMA) which it broke above last week.
Even more impressively, the cryptocurrency has rallied over 23% versus its earlier monthly lows in the $0.31s that were printed in the immediate aftermath of the FTX debacle. Part of that could be as a result of the broader recovery in cryptocurrency markets from their post-FTX lows, as well as some technical buying. The $0.30 is a key area of support for XRP, after all.
But part of the recent upside likely also has to do with a build-up in Ripple vs US Securities and Exchange Commission (SEC) lawsuit optimism. On Wednesday, both sides in the case must file summary judgment reply
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