Ripple (XRP) plunged 11% to $0.54. Can the price rebound to $1?
Recently, the escalation of the US-Iran conflict has caused the cryptocurrency market to crash, and Ripple has not been spared, with a sharp drop in price.
Just after Iran killed the commander of the Islamic Revolutionary Guard Corps in Syria, Israel began to prepare for a possible counterattack. On Friday, there was news that the United States would redeploy warships to support Israel.
Since Hamas attacked Israel on October 7 and Israel launched a fierce counterattack against Gaza on October 9, tensions in the Middle East have been on the verge of breaking out.
So, can the price of Ripple rebound back to $1?
At present, the price of Ripple has fallen below its major moving averages, which means that it may be testing the bottom line of the long-term upward trend.
However, since the lows in early 2023, the price of Ripple has been climbing steadily.
But if the upward momentum cannot be sustained this time, the range of $0.43-0.46 may become a key point to retest the support level in the short term. Of course, the possibility of a price drop below $0.40 cannot be ruled out.
As for whether Ripple can rebound to $1, it is hard to say at the moment.
However, Ripple Labs' lawsuit against the U.S. Securities and Exchange Commission (SEC) is making positive progress. Last year, a court ruled that Ripple Labs' sale of XRP did not constitute a securities transaction.
With this series of victories, Ripple Labs believes that more and more banks will be willing to adopt its XRP-based global payment system.
This will undoubtedly promote the popularity and application of XRP. However, XRP's low degree of decentralization remains a concern.
In addition, many people are also worried that compared with other large cryptocurrencies, XRP's actual use is not outstanding.
After all, cryptocurrencies like Bitcoin, whose ecosystems are expanding rapidly, provide strong support for decentralized banks and applications, and are even regarded as digital gold. In comparison, XRP seems to be a little inferior.
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