The XRP (XRP) price came under heavy selling pressure on Friday, dumping 11% to $0.54 amid a crash in altcoin markets due to rising concerns about a potential US/Israel versus Iran war.
Israel is braced from a counterattack from Iran after they recently took out IRGC military leaders in Syria. Reports emerged on Friday that the US is moving warships to ready itself to defend Israel.
JUST IN: The United States has pledged to DEFEND ISRAEL if Iran attacks. Iran has stated this will make the US a target of Iran. pic.twitter.com/Esn0bPXWFX
— Jackson Hinkle (@jacksonhinklle) April 12, 2024
Tensions have been high in the Middle East since the October 7th Hamas attack against Israel, and Israel’s devastating counterattack into Gaza.
XRP fell as much as 16% at its lows to around $0.51, which marked new two-month lows.
The latest XRP price collapse means it has now reversed 27% lower versus its 2024 highs.
The XRP price has dropped back over 25% from its recent highs / Source: TradingView
And XRP price predictions could be about to get a lot more bearish.
XRP Price Prediction – Recovery to $1 Incoming?
With XRP now sharply below its major moving averages, focus is turning to a test of a long-term uptrend.
Indeed, the XRP price has followed an uptrend going all the way back to its early 2023 lows.
Should this uptrend break, a short-term retest of support in the $0.43-46 area. Even a break under $0.40 could be on the cards.
XRP price predictions would get very bearish if it broke below this long-term uptrend / Source: TradingView
Of course, assuming the broader market is in a bullish phase, such a dip would probably be bought into.
But whether a recovery to $1 is incoming remains difficult to predict.
Ripple Labs maintains winning momentum in its lawsuit versus the SEC. A judge ruled last year that Ripple Labs’ sales of XRP didn’t necessarily constitute a security transaction.
And Ripple Labs predicts that its winning momentum will encourage banks to begin using its XRP-powered global payments solution.
That could substantially boost XRP’s adoption. That being said, concerns remain about XRP’s lack of decentralization.
Moreover, many are concerned that XRP lacks a major use case, when compared to other major cryptocurrencies, like Bitcoin, Ethereum and Solana.
The former is increasingly viewed as digital gold, while the latter two are fast-growing smart-contract blockchains and the homes of fast-growing decentralized finance and application ecosystems.
Crypto Alternatives to Consider
XRP investors would be right to be concerned about the cryptocurrency’s near-term price risks.
Sometimes traders hunting quick gains often turn to the shitcoin markets, looking for a quick 10x. But these markets are full of scams and pump-and-dump schemes.
A potentially much better way to make quick exponential gains in crypto is to invest in crypto presales.
Up-and-coming web3 projects often sell their native token at a big discount to early investors to fund development.
If crypto investors can identify project’s with a great use-case, vision and competent team, they may be able to flip their presale tokens for a big premium at a later date, assuming the project gains traction.
But with so many presales vying for investor funds, it can be difficult to know where to look first.
Luckily, analysts at Cryptonews spend a lot of time combing the presale market for promising projects.
Here are their 18 favorite presales right now.
Alternatively, check out this video from Cryptonews’ Crypto Arjay who discusses some of the best presales right now.
The post XRP Price Prediction Amid 11% Dump to $0.54 – Recovery to $1 Incoming? appeared first on Cryptonews.
