This morning, the XRP price was at $0.372400, which represents an increase of 1.2% in the past 24 hours, compared to a 2% rise for the market overall.
XRP has decreased by 2% in the last 7 days and by 1% in the last 30 days, however it has risen 9.5% since the beginning of this year.
Ripple's CEO Brad Garlinghouse indicated that there will be no disruption to their day-to-day operations, despite their exposure to Silicon Valley Bank which was recently put under federal receivership.
XRP's price movements have been relatively stable since the implementation of federal measures to address the banking crisis, providing support with the rest of the market.
Ripple is awaiting a decision from the SEC later this year, which could lead to larger gains in the coming months.
XRP's performance indicators at this time appear to be showing positive signs, with its 30-day moving average appearing to be trending toward the 200-day.
If the move occurs, it could signal a breakout rally. This is further indicated by the relative strength index of XRP, which is in an oversold position.
The outlook is for an upward revision, which could occur in the near future.
XRP experienced an increase of 7% over the previous 24 hours, rising to a high of $0.386898.
Yesterday, there was a broad rally in the market but momentum has been waning in the recent hours. Nevertheless, the coin price is still supported at $0.37.
If support is maintained, it will have the basis for an increase over the coming days and weeks.
XRP may experience an above-average gain in the near future, as concerns regarding Ripple's relationship with Silicon Valley Bank have dampened its participation in yesterday's market rally.
Most of Ripple's funds are kept with other financial institutions while the Federal Deposit Insurance Corporation has guaranteed deposits over $250,000 with Silicon Valley Bank.
If the legal dispute between Ripple and the SEC is resolved, XRP may experience a significant increase in value.
Evidence suggests that Ripple is likely to obtain a favorable judgment or settlement, as there have been several decisions and rulings in its favor recently.
The SEC witnessed the exclusion of one of its key witnesses, while Ripple was granted access to emails and allowed to utilize a fair notice defense.
Following minor successes, there is a belief held by many in the cryptocurrency space that Ripple may be successful at some point before the end of the year.
If it does, XRP may begin to regain its highest price of $3.40, which was recorded in January 2018.
If market recovery continues, it is possible for the coin to reach $1 in the second half of this year and potentially reach higher values in 2024.
Ripple has taken all necessary steps to ensure a positive outcome; all that is remaining is to await the results.
Is it a good idea to purchase XRP at this time?
XRP may be considered an attractive investment option due to its apparent low value, although its possible appreciation could be delayed by the current legal dispute. Additionally, other cryptocurrencies with potential are also available, with some in pre-sale stages.
