XRP Price Prediction – XRP Drops 20%, Can it Fall to $0.10?
The XRP price has fallen by 2% in the past day and by 20% in the past week, as the fallout from FTX's apparent insolvency continues to wreak havoc on the cryptocurrency market. The altcoin is also down by 27% in the past month, with the downturn of the past few days all-but erasing gains it had posted following positive news coming out of Ripple's case against the SEC.
In previous weeks, investor sentiment had been positive around this legal battle, with Ripple securing some apparent victories en route to a hoped-for favorable outcome. However, with the SEC winning a similar case against LBRY this week, serious question marks hang over Ripple's prospects.
At $0.358446, XRP is now 72% down over the past year, and its chart appears to suggest that it has still has some way left to go before it witnesses a recovery. Its relative strength index (purple) has plunged to below 30 in the past day, and could hang around this region for a while yet, given the unfolding FTX crisis.
At the same time, its 30-day moving average (red) has begun pointing down towards its 200-day average (blue). It's now likely that it will sink below the longer term oscillator, with the process needing at least a couple of weeks to complete, after which investors could potentially expect a comeback.
However, recent events indicate that XRP, like most other coins, is in for a tough time. As mentioned above, FTX appears to be on the brink of collapse, with Binance pulling out of a proposed acquisition that c could have saved the exchange.
Now, CEO Sam Bankman-Fried appears to be counting on its investors to pony up more cash, yet existing investor Sequoia Capital has tweeted to say that it's completely writing off its investment in the ailing exchange.
As such,
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