The crypto market crashed hard recently due to the FTX bankruptcy, which shook investors’ confidence. Most cryptocurrencies lost an average of 10% in the past 24 hours, as Bitcoin slipped below $16,000. Ripple is still battling its own SEC battle while its XRP token crashes with the crypto market. Now that XRP price is below 40 cents, is it a good time to buy XRP? Or will XRP crash further to 30 cents? Let’s analyze in this XRP Prediction article.
What happened to XRP today?
As Binance backed out from its deal to acquire FTX, the crypto market crashed further. XRP specifically was supposed to break the 50 cents price higher and continue on its upward momentum. However, when the crypto market crashes hard, all cryptocurrencies with no exception follow the same path. There are no ways to currently create a diversified portfolio in the crypto market to hedge crashes except by buying stablecoins.
XRP prices simply fell from the high of 0.50 cents and reached the support price of $0.31, losing around 38% in the past 2 days.
XRP Prediction: Is it a good time to buy XRP?
As XRP prices fell and rebounded at the support price of $0.31, we can establish that this is a good price area to buy XRP. Depending on how the crypto market progresses, we can then assess. If the crypto market starts to slowly recover, XRP should rebound even higher to break the 40 cents price mark again. This is especially true if the findings of the SEC lawsuit (which are expected to happen in this month of November) turn out positive for Ripple.
However, if the 30 cents price mark is breached lower as the crypto market crashes, we should directly sell XRP as prices might continue lower towards the 20 cents price mark.
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