The recent cryptocurrency market crash was a harsh one. Not only did cryptos crash more than 50%, but there seems to be strong selling pressure that did not end yet. XRP is known to be a lagging cryptocurrency. When the crypto market is soaring, XRP barely moves and makes its leap when most cryptos stop increasing in value. Recently, XRP crashed around 50%. Is this project still worth investing in? In this XRP price prediction, we’ll look at the fundamentals and the technicals of Ripple company and its XRP token.
XRP Price reached a Strong Buy Zone
The crypto market crash started to clearly occur in mid-December. However, XRP prices showed a downtrend ever since the 8th of November. The target of $1.4 was not reached, and prices started to fall week after week. In figure 1, we can clearly see how the uptrend of XRP was broken, and the downtrend started.
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Despite this crash, XRP prices are still up compared year on year. But looking at how the crypto market is behaving, we might retrace lower if things continue as is. The $0.60 price area is definitely a strong support. If prices continue to fall, the next level of support would be the $0.30 price are.
Ripple SEC case is still open in 2022
When Ripple company was slammed with a lawsuit back in December 2020, its price did indeed fall. Because of the rising cryptocurrency market though, XRP prices managed to recover and recoup the losses made. On the other hand, while other altcoins like Cardano and Solana soared higher, XRP fell from the top valuable cryptos and currently is at #7.
If Ripple company wins the SEC case, the price of XRP will definitely increase. By how much? Well, it all depends on the crypto market as a whole. If we are in a downtrend, XRP is expected to increase by 10-15%. On the other hand, if the crypto market is on an uptrend, XRP can increase between 30-50%. Those numbers are an average of how other cryptos performed during a bull and bear market in reaction to fundamental news.
XRP Price Prediction – Can XRP reach $1?
Since the current crypto market is in a bear market, it is not likely that XRP will reach a price of $1 anytime soon. We need to see a recovery across the crypto market first, buyers switching from stablecoins back to XRP, and a more positive general outlook. The current market dynamics show a different story.
On the other hand, if you are a long-term investor, buying XRP at the current price might be a good deal. The current $0.60 price is a strong support, and setting a tight stop-loss will not harm your pockets much. In case the price breaks this strong support though, the next support would be the $0.30 area, which is a -50% crash in prices.
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That’s why before we focus on the $1 price mark, we need to look for a break in that downward parallel channel. Once achieved, we can talk about a trend reversal and the higher potential of XRP. For now, tread lightly.
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