XRP, the sixth-largest cryptocurrency, is currently facing uncertainties in the market, particularly from the United States. Although the total market cap has dropped below the $1 trillion mark to $963 billion on Saturday, XRP’s price has remained relatively stable over the past 24 hours, trading at $0.3691. The crypto market has had a challenging week due to worsening economic conditions and regulatory pressure from US agencies, with Circle’s USDC stablecoin deviating from its dollar peg and falling below its expected value of $1. SVB Financial Group’s collapse has led to concerns among investors about the ability of Circle to fully back the $37 billion stablecoin, raising fears of another stablecoin crash similar to TerraUSD’s collapse in May 2022. XRP’s price is currently under pressure due to unfavorable market conditions, holding below all the major applied moving averages. If support at $0.35 does not hold, XRP’s price may nosedive to $0.30 and then $0.25, as technical indicators paint a bleak picture for the cryptocurrency. Investors may want to wait for confirmation of support before taking long positions in XRP, targeting $0.38 and $0.40, respectively, with the move to $0.56 still possible in the coming weeks.
