The XRP price has increased by 1.2% in the past 24 hours, standing at $0.372400. However, it has fallen by 2% over the week and 1% in the last 30 days. Ripple, the owner of XRP, reported exposure to Silicon Valley Bank, which has been placed under federal receivership recently, but Ripple CEO Brad Garlinghouse stated that it will not disrupt the company’s day-to-day business. This has helped stabilize XRP’s price action in the past few days. Federal interventions to stabilize the ongoing banking crisis have also benefitted both the market and XRP. XRP’s indicators show promising signs as its 30-day moving average appears to rise towards the 200-day moving average, and its relative strength index may correct soon. There are various reasons to believe that Ripple has a good chance of securing a favorable judgment or settlement in its case with the SEC later this year, leading to XRP’s possible course towards reclaiming its all-time high of $3.40 in 2018. However, its potential for a major rebound may be delayed until the lawsuit’s conclusion.
