XRP Price Prediction as Ripple CEO Confirms Exposure to Silicon Valley Bank – What Does This Mean for XRP?

The price of XRP has risen slightly over the past 24 hours, rising 0.5% after the coin recovered from a major drop last weekend.

At $0.363344, XRP fell 1.5% in one week and 5% in the past 30 days as the coin was dragged lower by market-wide selling following the collapse of Silvergate Bank.

Yet XRP was also threatened by the revelation that Ripple was exposed to another bankrupt financial institutionSilicon Valley Bank, which was shut down by the Federal Deposit Insurance Corporation on Friday after suffering a series of withdrawals.

However, with the intervention of the Federal Reserve and the US Treasury to assure SVB customers that they will have full access to their deposits starting today, investors’ nerves have subsided, the market for cryptography experiencing a recovery since Sunday.

And while XRP hasn’t matched the performance of other major coins today, the token still has a potentially bright future ahead of it, with Ripple expecting a positive end to its longstanding case with the SEC this year.

XRP Price Prediction as Ripple CEO Confirms Exposure to Silicon Valley Bank – What This Means for XRP

Good news is that XRP’s indicators suggest it should rebound sooner or later, with its 30-day moving average (red) now falling significantly below its 200-day (blue).

At the same time, the relative strength index of XRP (purple) has fallen from 50 a few days ago to almost 40, indicating that it is on the verge of being oversold.

However, it is not quite at its lowest yet, so the coin may not make a real recovery until its RSI hits 30 or less.

As noted above, the primary reason for XRP’s poor weekend was the collapse of Silicon Valley Bank, the failure of which only compounded the negativity created by the earlier collapse of Silvergate Bank.

In fact, the negativity doesn’t end there, as Signature Bank also failed over the weekend, with state regulators shutting down a New York-based lender on Sunday.

Since some crypto exchanges had switched to Signature following Silvergate’s struggles, this third tech-friendly bank failure is creating problems for crypto.

As for XRP, Ripple revealed that it has “some exposure” to Silicon Valley Bank.

Such exposure could have hurt Ripple significantly, but a joint statement from the Federal Reserve, US Treasury, and FDIC revealed that SVB (and Signature Bank) customers will have access to all their money from Monday the 13th. March.

This statement is why the cryptocurrency market had something of a rally on Sunday and why XRP has yet to drop.

And with US regulators now stepping in to shore up the banking system, there’s a relieved feeling that more bank failures won’t be likely in the near future.

For this reason, XRP can continue to look forward to the resolution of Ripple’s case with the SEC.

Indeed, the past week has brought some positive developments for Ripple, with Judge Analisa Torres granting the firm’s motion to remove Patrick Doody as an expert witness, while also denying the SEC’s motion to remove the expert attorney. in cryptography John E. Deaton as a witness for Ripple.

These small victories all add up to other positive developments that Ripple has welcomed over the last year or so, reinforcing the feeling that it could obtain a favorable judgment or settlement.

For example, last year the presidential court granted Ripple access to material SEC emails, while upholding the company’s right to use a fair notice defense.

And with Ripple’s Brad Garlinghouse Predicts an end to the deal this year, it might not be long before XRP receives the kind of good news that sends it on a big bull rally.

Immediately after the deal, we can expect XRP to rally to $0.5 and even higher by the end of the year.

From there, a return to more decidedly bullish market conditions could even see the coin surpass its all-time high of $3.40, set in January 2018.

This is a real possibility, given that XRP missed the 2021 bull market and Ripple’s business continues to do well despite the ongoing case.

Buy XRP now

Alternatives to XRP

Despite the potential of XRP, there may not be a big rally until the end of the Ripple-SEC affair.

Luckily, there are a variety of other high-potential coins on the market right now, from new altcoins to pre-sale tokens.

We’ve looked at these coins in a list of the top 15 cryptocurrencies for 2023, as analyzed by the Crypto news 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.}