#XRP Price Forecast: $1 Rebound in the Horizon Despite 11% Drop to $0.54?
In the midst of a collapse in cryptocurrency markets caused by increasing fears of a US/Israel against Iran conflict, the price of XRP (XRP) fell sharply 11% to $0.54 on Friday.
After Iran killed IRGC commanders in Syria, the Jewish state is preparing for a possible response. On Friday, rumors spread that the United States is preparing to support Israel by repositioning its warships.
After Hamas attacked Israel on October 7 and Israel launched a deadly retaliation into Gaza on October 9, tensions in the Middle East skyrocketed.
XRP Price Forecast: Is a Rebound to $1 on the Horizon?
A test of a long-term uptrend is now being considered since XRP has fallen well below its main moving averages.
The price of XRP has been steadily rising since hitting rock bottom in early 2023.
The $0.43–$0.46 region is a potential short-term retest of support should this upswing fail. A break beneath $0.40 is not out of the question.
But it's still hard to tell whether $1 is on the horizon.
The case against the SEC that Ripple Labs is pursuing is continuing to gain steam. Last year, a court determined that the selling of XRP by Ripple Labs was not necessarily a security transaction.
With its current winning streak, Ripple Labs believes banks will be more inclined to use its XRP-powered global payments system.
The adoption of XRP might be significantly enhanced by that. However, XRP's lack of decentralization is still a cause for worry.
In addition, a lot of people are worried that XRP doesn't have much of a purpose in comparison to other big cryptocurrencies.
Both of them are home to rapidly expanding ecosystems for decentralized banking and applications, and the former is being seen as digital gold at the moment.
