The crypto market crashed so hard lately due to the FTX bankruptcy issue, which ruined the confidence of many investors. Many crypto assets lost at least ten percent in the past days as Bitcoin slipped under $16,000.
Ripple is also fighting its own SEC war while its XRP token crashes along with the crypto market. Now that the XRP price is under 40 cents, is it a great time to purchase XRP? Or will it crash more to 30 cents?
As Binance pulled out of its deal to acquire FTX, the crypto market crashed more. Specifically, XRP was supposed to break the 50 cents price higher and continue on its upward momentum. Nonetheless, when the crypto market crashes that hard, all cryptos, without exception, follow the same route.
You see, there are no ways to make a diversified portfolio in the crypto realm to hedge crashes except by purchasing stablecoins.
The prices of XRP fell from the high of 0.50 cents and reached the support price of $0.31, losing at least thirty-eight percent in the past two days.
The Ripple price analysis shows that XRP/USD is in a bearish trend after a short time of price consolidation. The crypto asset has lost more than 11.05% in the past 24 hours and is trading at $0.4121. Support for the coin is also at $0.4017, while the toughest resistance stands at $0.4575.
The market cap of Ripple lies at $21 billion, and the 24-hour trading volume is also recorded to be $2.69 billion.
On top of that, the XRP/USD pair began the week on a positive note as the market opened on Monday at $0.4643. The day’s trading was mainly positive as the bulls drove for higher prices. Nonetheless, the bears took over in the past few hours of trading. The price dipped below the $0.47 level.
XRP pulled off a 22% rally on November 10 after continuing an overwhelming crash similar to BTC and ETH. The bounce was also catalyzed by a response to the first interest of XRP of the parallel channel’s median line since rolling through the barrier on September 19.
The bullish retaliation is a positive gesture for the digital remittance token. However, there’s a key piece of proof recommending that the XRP price might be in jeopardy in the short term.
The reason behind this is the XRP price auctions at $0.386. The latest downtrend pointed through the toughest bullish engulfing candle low at $0.34. And if we will base that on the Classical Technical Analysis, the bear’s capability to breach the low recommends they have complete control of the trend.
That being said, investors may be a little bit uncertain about getting involved with the XRP price. On the other hand, on the Weekly level, the Relative strength index also unsuccessfully rallied through bull run territory after weeks of ascending out of the oversold terrain. Also, the RSI compounds the principle that Ripple might be due to a lot more pain.
Suppose the market is honestly bearish, a sweep, the lows even could take place in the following weeks targeting the summer bottom at $0.2872. invalidation of the bearish thesis could ascend if the bulls tag the weekly high at $0.48.
If the breach takes place, the bulls could generate a countertrend rally to challenge the $0.55 swing high developed in October. That move would lead to a forty percent rise from the existing XRP price.
As XRP prices fell and then rebounded at the support price of $0.31, you can establish that as a decent price area to purchase XRP. You can then assess, depending on how the crypto market progresses.
If the crypto market begins to recover gradually, XRP must rebound even higher to break the forty cents price mark again. That’s especially true if the findings of the SEC lawsuit (that are expected to take place in this month of November) turn out optimistic for Ripple.
Nonetheless, if the 30 cents price mark is penetrated lower as the crypto market crashes, then you should sell XRP directly as prices might continue to fall towards the 20 cents price mark. We wish you the best of luck!
Q: Is it worth investing in Ripple?
The website predicts that XRP could reach a high of $31.81 by the end of 2030. If that turns out to be true, a $100 investment could yield $6,782 in a little less than ten years.
Q: What was Ripple’s highest price?
The current price of $0.385998 per XRP. Thus, the XRP is 89.95 percent below the all time high of $3.84.
Q: How much is 1 ripple coin?
1 XRP = 0.359049 USD Nov 10, 2022 11:20 UTC.
Q: Which is better Ripple or Bitcoin?
The ripple system scores a lot better than the Bitcoin network for its lower processing times as well as lower transaction charges.
Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks. However, we must clarify that we don't offer financial advice, and we strongly recommend users to perform their own research and due diligence.