• XRP stands at $0.372400 this morning, up by 1.2% in the past 24 hours and 9.5% since the start of the year.
• Ripple CEO Brad Garlinghouse reported that no disruption to its day-to-day business is expected in response to Silicon Valley Bank’s receivership.
• XRP’s indicators look promising, with a potential breakout rally supported by its relative strength index being oversold.
XRP Price Update
The XRP price stands at $0.372400 this morning, having risen by 1.2% in the past 24 hours in the context of a 2% increase for the market as a whole. Its current price means that XRP has fallen by 2% in a week and by 1% in the last 30 days, although it has gained 9.5% since the start of 2021.
Silicon Valley Bank Impact
Ripple had reported some exposure to Silicon Valley Bank, which was placed under federal receivership on Friday but CEO Brad Garlinghouse disclosed that no disruption to its day-to-day business is expected due to this event. This seems to have steadied XRP’s price action, while it has also benefitted from federal intervention to stabilize the banking crisis overall.
Indicators Pointing Towards Rally
XRP’s indicators currently find themselves in a promising position, with its 30-day moving average (red) looking as though it could begin rising toward its 200-day (blue). Such a move would indicate a breakout rally, which is also supported by XRP’s relative strength index (purple) being oversold and due for correction into more bullish territory soon.
Recent Price Action
XRP had actually risen as high as $0.386898 within 24 hours ago – making for 7% gains compared to where it was on Monday – however yesterday’s market-wide rally lost steam and caused prices to drop back down again slightly but it still held onto its $0.37 support level so far today..
Overall, Ripple is primed for an above average climb near future due to investors calming down about Silicon Valley Bank receivership news and indication from RSI suggesting an upcoming breakout rally which will be supported if XRP holds its current support level of $0 37 .