Ripple price is hovering near the lowest level this year as investors continue worrying about the rising risks of a recession. XRP is trading at $0.3232, which is a few points above last week’s low of $0.2871. However, this price is about 77% below the highest level in 2021, bringing its total market cap to about $15.62 billion.
Bitcoin and XRP in consolidation
The XRP price has been in a strong downward trend in the past few days as investors worry about the state of the industry. Recently, some of the best-known brands in the sector have continued to struggle. For example, Voyager Digital filed for bankruptcy this week while companies like Celsius, Vauld, and Celsius are on life support. Therefore, many crypto holders have decided to exit their positions.
Ripple price has also tumbled as investors reflect on the rising interest rates in the United States. The Fed is expected to hike interest rates several times this year. This explains why other assets like stocks and commodities have all slumped in the past few months.
The XRP price is also reacting to the ongoing case by the SEC. While there have been no major announcements recently, investors are paying attention to the Supreme Court. Last week, the court ruled that the Environment Protection Agency (EPA) has limited role in climate regulations. Therefore, investors believe that Ripple could appeal the verdict to the SEC and win if it loses the case.
It is worth noting that the recent XRP price action is in line with what other coins are performing. For example, Bitcoin has remained at the $20,000 range in the past few days.
Ripple price prediction
The daily chart shows that the XRP price has been in a downward trend in the past few days. The coin remains slightly below the important level at $0.5562, which was the lowest level in January this year. It is also below the 25-day and 50-day moving averages. Notably, it has found a strong support at $0.2917.
Therefore, at this point, the outlook for the stock is neutral. A break below the support at $0.2917 will signal that bears have prevailed. A move above the resistance at $0.36 will invalidate the bearish view.