The recent crypto crash caused a lot of chaos in the cryptocurrency market. Most tokens lost an average of 20% in the past few days. XRP price specifically lost more than 30%, crashing from $0.50 to the low price $0.31. November was supposed to be a good month for Ripple, but when the crypto market goes down, everything goes down with it. Will XRP price go up after the FTX crash? Will XRP recover soon? Let’s analyze in this XRP prediction article.
Why is XRP down?
FTX is a famous cryptocurrency exchange based in the Bahamas. It was the second-largest exchange by volume traded. Many crypto investors used this exchange to trade and invest in cryptocurrencies. However, FTX announced its bankruptcy in a sudden move. The entire cryptocurrency market lost trust in crypto exchanges, as crypto prices sank by an average of 20%.
Ripple’s XRP took a heavy hit as its prices sank from 50 cents to 30 cents within 2 days. In fact, the 30 cents price mark represents a strong support for XRP.
Ripple SEC Update: What happened to Ripple Lawsuit?
There are many companies that are standing by Ripple’s side in its lawsuit against the SEC. In the past couple of days, 2 new companies submitted an “amicus brief” to support Ripple in its case. That’s why the lawsuit is getting positive by the day, despite the crypto crash.
The first company is InvestReady which is established in Miami, Florida. They are the largest non-broker-affiliated supplier in the United States and the market leader in scalable accredited investor verifications that are compliant with SEC laws.
Reaper Financial is the second business, a cryptocurrency company that specializes in buying and destroying digital assets. Earlier this week, they also submitted a motion to write an amicus curiae brief in support of Ripple.
XRP Prediction: Will XXRP go up after the FTX crash?
Since the developments in the Ripple case are looking positive so far, we estimate that XRP prices should go back higher once things cool off. XRP prices reached the strong support price of 30 cents. The conservative XRP prediction would be that prices simply recover and reach the 50 cents price mark. XRP already manage to reach the current price of $0.35.
This price increase back to the previous level would happen however once prices consolidate in the short term. If the crypto market manages to recover, XRP should definitely be able to at least reach that previous goal between 44 cents and 50 cents.
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