XRP price crashed this week, reaching its lowest level since October as liquidations jumped and the crypto market dived. Ripple was trading at $1.60 on Wednesday, down by 35% from its highest level this year. So, will it rebound or continue its ongoing crash as its RWA growth continues?
XRP Price Has Crashed Despite Some Key Good News
Ripple price continued its strong downward momentum this week as the meltdown in the crypto market intensified. This crash may continue because of the rising possibility of a war in the Middle East.
Donald Trump is considering striking Iran, which has warned of a regional conflict. For one, it is highly unlikely that Iran will accept the new demands from Trump, including reducing its ballistic missile stockpile and ending the support for regional proxies.
XRP price has crashed despite some major good news. One of them is that Ripple has acquired several major licenses as it continues its global expansion. It received a European license this week, shortly after it acquired one from the UK and Singapore. The company also received a banking license from the UK.
Meanwhile, the XRP Ledger is becoming a major player in the real-world asset (RWA) tokenization industry. In a statement this week, Ctrl Alt said that it would tokenize diamonds worth over $120 million on XRPL.
Data shows that the amount of assets in the XRPL has jumped by over 270% in the last 30 days to over $1.47 billion. Its stablecoin market cap has jumped by 20% to $422 million, while the 30-day stablecoin transfer volume rose by 44% to $1.133 billion.
Ripple Price Prediction: Technical Analysis
The daily chart shows that the XRP price continued its downward trend this week. It remains below the Supertrend indicator and the 50-day Exponential Moving Average (EMA).
The Relative Strength Index (RSI) has moved to the oversold level of 30, while the Average Directional Index (ADX) has moved to 38. A rising ADX is a sign that the momentum is continuing.
Therefore, the most likely XRP price forecast is bearish, with the next target being at $1.3793, its lowest level in October last year. A drop below that price will raise the possibility of the coin falling to $1.
XRP and other cryptocurrencies will then bounce back later this year as investors start to buy the dip. It will also rebound when the crisis in the Middle East ends later this year.
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