XRP Price Prediction – XRP Crashes 12%, Have Prices Bottomed Yet?

cryptonews.com:

The XRP price has crashed by 18% in the past 24 hours, as news surrounding FTX's possible collapse drags down the wider cryptocurrency market. At $0.360066, the altcoin has fallen by 22% in a week and 32% in a month, having also been hurt by LBRY's loss in its case against the SEC.

Given that Ripple is fighting a similar legal battle against the SEC, LBRY's defeat in its case -- and the presiding judge's ruling that LBRY was selling unregistered securities -- raises big question marks over whether the XRP issuer can secure a favorable outcome in its own battle. And with the wider cryptocurrency market facing the possibility of contagion as FTX looks set to fall, the XRP price is likely to remain subdued for a while yet.

XRP's technical indicators unsurprisingly show a big loss of momentum, with pretty much everyone selling right now. Its relative strength index (purple) has dropped from just over 60 a few days ago to 30 now, and is probably likely to fall under 30 (and close to 20) before its current drop bottoms out.

Similarly, XRP's 30-day moving average (red) has begun pointing downwards. Only when it falls below its 200-day avergage (blue) would it be safe to say that it has bottomed.

The reason for this pessimism is that it's likely the cryptocurrency market has been hit with another Terra-style collapse and contagion event. With FTX (and owner Alameda Research) seemingly insolvent, the market could see other entities also face severe difficulties, given that the exchange was a big presence in the ecosystem.

Yesterday, Binance stepped in with an offer to acquire FTX.com. If accepted, such a deal could potentially prevent wider contagion in the cryptocurrency market, although at this uncertain stage its completion isn't