• XRP has dropped by 3% in the last 24 hours, and is 8% up since the start of 2021.
• Ripple CEO Brad Garlinghouse expects the SEC lawsuit to end this year, potentially bringing bullish news for XRP.
• The coin’s indicators suggest a rebound soon, with its 30-day-moving average close to a bottom and its relative strength index near oversold territory.
XRP Price Drop
The XRP price has dropped by 3% in the past 24 hours, falling to $0.367287 as the market reels from concerns over the financial health of Silvergate Bank. Its current level means that it has declined by over 5% in a week and by nearly 10% in the last 30 days, although it remains 8% up since the beginning of the year.
Ripple CEO’s Expectation
Despite the downbeat news coming from Silvergate, XRP holders have reason to be optimistic over the longer term. This relates to the long-running legal battle between Ripple and the SEC, with Ripple CEO Brad Garlinghouse saying on Thursday that he expects it to end this year, potentially bringing very bullish news for XRP.
Indicators Suggest Rebound
If there’s one silver lining coming from the market’s troubles today, it’s that XRP’s indicators are now in a position where the coin should rebound soon. Its 30-day-moving average (red) has fallen below its 200-day (blue), bringing it closer to a bottom that would usually indicate a rally. Likewise, XRP’s relative strength index (purple) has sunk to just below 40 – once it reaches 30 or lower, it will have entered oversold territory, implying profitability of buying at a discount. The key support level here is $0.36 which XRP held fast earlier this morning – may represent bottom of any further fall today providing buyers with good entry point.
Potential Outcome of Lawsuit
It’s highly arguable that $0.36 is massive discount for XRP which is in position to benefit from some highly significant news this year; as noted above Ripple’s Brad Garlinghouse has once again reiterated his expectation for case with SEC ending this year with outcome “going be pivotal for whole industry.” Assuming positive result for ripple enabling them continue business there little doubt XRP will rally strongly; its all time high stands at $3:40 set back January 2018 meaning missed out setting new record during 2020/21 bull market..
Can XPR Reach $10?
Given these factors and if Ripple comes out victorious against SEC then there is potential for strong rally pushing price beyond all time high; however reaching price target $10 would require extraordinary performance given current levels so not prediction we can make at this stage but certainly something look out for if suit resolved favourably later year