XRP Price: Will the asset withstand the broader crypto market decline?
XRP Price: Will the asset withstand the broader crypto market decline?
Like other cryptocurrencies, Ripple's XRP token is under pressure amid rising US bond yields. Another drop in the cryptocurrency's price coincided with a decline in global stock markets on Thursday, following the Federal Reserve's meeting and hawkish comments on future monetary policy.
XRP is currently trading at $0.509475, up 0.4% overnight.
Amidst complex litigation, the price of XRP is expected to fall by $0.013777 over the next 7 days to reach $0.496475 by September 29, 2023.
Attorney John A. Deaton announced the company's big announcement on Friday. Deaton revealed that the announcement will apparently be related to the XRP Ledger and the Ethereum (ETH) ICO. His comments confirm that the big announcement is related to a major development in the U.S. SEC's case against Ripple Labs.
Nevertheless, many analysts, especially EGRAG CRYPTO, see XRP as having the potential for significant growth. If the cryptocurrency manages to overcome the $0.5119 level, it could enter a bullish trend to $0.5738, which is also the key 50% Fibonacci retracement level.
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Breaking through the $0.5119 level is the key catalyst for a massive XRP price spike. Furthermore, after overcoming the 50% Fibonacci retracement level, XRP will not encounter any significant resistance and will be able to break the yearly high at $0.9310.
Read also: BTC failed to break $27,500 support.
