XRP Likely to Slide Inexorably Lower as Relevant Banks Collapse

The global crypto market is again overwhelmed with fears as investors panic, this time around owing to the sudden shutting down of Silicon Valley Bank. While the legal battle between XRP and the U.S. Securities and Exchange Commission is yet to be concluded, Silicon Valley Bank went through a liquidity crisis, causing a bank run on their deposits.

This report came in between the reports concerning the failures of Silvergate Bank and Signature Bank. These two major banks are capable of affecting XRP and the global crypto market owing to their relevance to the crypto sector. Following the report concerning the collapse of Silicon Valley Bank, XRP experienced a high influx of sell orders as the price slid inexorably.

Key XRP Levels To Watch – March 13

Following the sell-side liquidity grab below $0.3190, the market surged upward to change the market’s structure. According to the Moving Average, XRPUSD is currently in a bullish phase since the Change of Character (CHOCH) to the upside.

The current trading range of the market lies between the $0.4330 and the $0.3000 price levels. The downward retracement is expected to continue, as the decline is needed to invalidate the equal lows at $0.3550. The bulls will likely storm the market again as soon as the 61.8% retracement level is reached.

XRP Key Levels

Resistance Levels: $0.5600, $0.5100, $0.0.4330
Support Levels: $0.3000, $0.2400, $0.2000

Total Market Capitalization: $1.01T
XRP Market Capitalization: $18.28B
XRP Volume: $1.58B
Market Rank: #6

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