XRP Price Prediction as $1.5 Billion Trading Volume Comes In – Are Whales Buying?

The sixth-largest crypto is hanging on the edge of a cliff as market uncertainty grows, especially in the United States. Although the total market capitalization slipped below the $1 trillion mark to $963 billion on Saturday, the price of XRP is relatively unchanged in 24 hours but is trading at $0.3691.

Crypto Market Snapshot – Can XRP Price Rebound?

It was another tough week in the crypto market due to deteriorating economic conditions and regulatory pressure from US agencies. The collapse of Silvergate bank last week hinted at the ghosts of the FTX exchange’s disorderly implosion coming back to haunt the industry.

In other emerging news, Circle’s USDC stablecoin plunges and breaks away from its dollar peg amid panic over the collapse of another banking entity, SVB Financial Group. SVB is a subsidiary of the Californian bank Silicon Valley.

The second-largest stablecoin is said to be suffering from contagion following the collapse of the second-largest US bank in March 2023. USDC is holding at $0.9052 according to live price data from CoinGecko, a figure significantly lower than its expected value of $1.

Around $3.3 billion of USDC cash reserves may be in the custody of SVB, raising concerns among investors about Circle’s ability to fully back the $37 billion stablecoin. Stablecoins have become a fundamental part of the crypto industry and are gradually finding a place in the traditional banking sector.

Remember the TerraUSD collapse in May 2022 and the ensuing bloodbath in the market. Crypto giants like Voyager Digital, Three Arrows Capital and Celsius could not survive the crash, leading to a series of bankruptcy filings.

The possibility of a weekend sell-off cannot be ruled out, with investors likely to panic due to contagion from another stablecoin crash. However, data shared by Wu Blockchain on Twitter suggests that “the actual risk exposure may only be a small amount of funds.”

That said, investors should closely monitor events around USDC and SVB in the coming days as they are likely to help determine the direction the crypto market is heading.

XRP price needs this support to rebound

The price of XRP appears relatively stable as it trades at $0.3691 during Saturday’s European session. The bulls’ aggressive push in January propelled the cross-border token slightly above $0.40 before the bears took over in early February.

A look at the XRP price in September of last year reveals its control point above $0.50. On the other hand, the downside control point lies at $0.30. Additionally, XRP lost steam in the January rally after hitting the multi-month trendline – taken from the September high of $0.56.

While an immediate rally in XRP price would be a pipe dream, given the many unfavorable conditions in the crypto market, much attention could be paid to the ability of the bulls to find support and sustain it, at least for this weekend.

That said, the mounting pressure above the $18.5 billion crypto cannot be underestimated, given the loss of key leverage that briefly emerged in January.

For example, XRP is now below all major applied moving averages, including the 200-day exponential moving average (EMA) (purple line), 100-day EMA (blue line) and EMA 50 days (red line).

The next tentative support would be provided by buyer congestion at $0.35. Keeping this support intact is essential for the immediate resumption of the uptrend. Otherwise, the XRP price could dip to test $0.30.

Two outcomes would be expected at $0.30, with the first allowing XRP price to take advantage of the new liquidity and aggressively push for a trend reversal. On the other hand, trading below the same checkpoint could trigger another selloff as all hell breaks loose in front of the bulls. The dips below $0.30 can be unstoppable until XRP hits $0.25.

Why XRP price declines are unstoppable

Almost all of the key technical indicators used in this analysis paint a bleak picture for XRP price, likely to last longer than the next few sessions and possibly a few days. For starters, the Moving Average Convergence Divergence (MACD) indicator is giving a sharp sell signal, as confirmed on Thursday, March 9, 2023.

On top of that, the MACD is now holding below the average line at 0.00 and exploring the negative region. If the support at $0.35 does not hold, XRP price will have no choice but to seek refuge towards the next key level at $0.30.

The Money Flow Index (MFI) position reinforces the idea that the rise in trading volume is mainly coming from selling activity and that the price of XRP lacks the momentum and liquidity to reverse the trend, at least for the market. moment.

Investors wishing to take long positions in XRP may want to wait for the token to confirm support and begin to rebound. If the support at $0.35 halts the downtrend, traders would be targeting $0.38 and $0.40 respectively, with a move to $0.56 still possible in the coming weeks.

Buy XRP now.

XRP alternatives to buy today

If you’re looking for other high-potential crypto projects alongside XRP, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Discussion Team.

The list is updated weekly with new altcoins and ICO projects.

^{Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.}

Related Articles:

• Bankrupt Crypto Lending Platform BlockFi Faces Potential $227M Loss in Unsecured Funds at Silicon Valley Bank – What’s Happening?
• Bitcoin Price Prediction as Silicon Valley Bank Collapse Sends Shockwaves Through Global Markets – Can BTC Recover?
• Best Crypto To Buy Today Mar 10 – LHINU, KAVA, FGHT, ATOM, METRO, KLAY, CCHG