- The cryptocurrency market has been experiencing a period of volatility.
- XRP has been trading at less than $0.35 for the past few weeks.
- The FTX contagion has pulled the market to the downside.
The cryptocurrency market has had a period of volatility recently, making it difficult to forecast what the future holds for the value of XRP. The fact that XRP has shown to be resilient in the past has led many observers to predict that it would ultimately rebound.
Notably, the market is so volatile, which implies that anything might happen. Others say that the value of Ripple might decrease if it is unable to keep ahead of the competition in the crypto market.
Concretely, the price of XRP has been trading at less than $0.35 per coin during the previous several weeks. Bulls and bears have been engaged in a tug-of-war around a range of less than 4%, between $0.33 and $0.35. The 50-day, 100-day, and 200-day simple moving averages are all located above where XRP is now trading.
On the other side, the 100-day and 200-day simple moving averages, respectively located at $0.42 and $0.48, would be the next positive objectives to aim for. If the bullish situation plays out as expected, there is the possibility of a rise higher than the current price.
It is essential to take notice that the stagnated coin prices are due to investors being unable to find any positive triggers in the continuing dispute between Ripple and the Securities and Exchange Commission (SEC).
In addition to this, the asset is suffering as a direct consequence of the ramifications that were produced by the failure of the FTX crypto exchange. These repercussions have also led the broader cryptocurrency market to decline in value.
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