The recent cryptocurrency crash didn’t spare any tokens from the market. Most cryptos have lost around 50% since the beginning of the year, including Ripple. Its token XRP crashed from a high of $0.82 all the way to reach a low of $0.32. Today, the XRP price is looking for a rebound as investors are still looking wary. Will XRP price increase soon? What will happen to XRP after the crash? In this XRP price prediction, we analyze XRP from a technical perspective.
What is Ripple XRP?
Ripple has been on the market since 2012 and tried very early on to connect the banking world with the crypto scene. A global payment network for banks designed to facilitate and revolutionize currency transfers.
Ripple thus took the view very early on that decentralized cryptocurrencies could coexist with banks, which ultimately manage the money centrally. That’s why, right from the start, Ripple was of particular interest to banks that wanted to get to grips with blockchain technology. Even if the decentralization in some areas of Ripple contradicts the actual definition in some areas, Ripple was accepted by the industry and even managed to become the second-largest cryptocurrency on the market in the spring of 2018 for a short time.
What’s new with Ripple and the SEC Lawsuit?
Back in mid-April 2022, Ripple company managed to advance positively in the lawsuit case against the SEC. The judge decided that the SEC needs to release important documents that Ripple company will be able to refute going forward. Considering that Ripple might settle will definitely be a huge win for the company. The case should in theory be resolved by the end of August 2022. Since XRP tokens crashed with the crypto market, most investors are getting ready to buy this cheap cryptocurrency.
Can XRP price go up soon?
Ripple price was able to test the support at around $0.33 during the crash and found some buyers. As enough buyers were found, the price rose from the support. Since the chart is looking quite bullish in the short term, we anticipate the price to rise in the near future. However, this is only for a short time. We expect Ripple price to rally to the broken support around $0.515 to confirm it as resistance. After that, however, the chances are higher than the price will fall again. But how far will the price go lower? Read on to see the next support area.
Will XRP crash towards $0.20?
After Ripple price tested the former support at $0.515, we expect the price to break the current support ($0.33) and target the next one. This is around $0.23, which is why we expect the price to reach that level. So we would be at rates like at the beginning of the bull market, but Ripple has been around for a few years, which is why such rates are absolutely realistic.
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