XRP Price Reversal Hints At $1 Breakout This March!
The post XRP Price Reversal Hints At $1 Breakout This March! appeared first on Coinpedia Fintech News
Following the breakout of a strong resistance trendline, the XRP price stagnated near the $0.55 mark, presenting a consolidation range. Amidst the recent bullish reversal in the crypto market, as it crosses the $2 Trillion market cap and the nine Bitcoin ETFs cross the $2 Billion of trading volume, bulls are officially back.
Despite the delay in the XRP price action to showcase a sign of reversal, the buyers are finally catching up. With a 6.39% jump overnight, Ripple is heading to a recovery rally, with investors holding an XRP price prediction to the $1 milestone.
Will Ripple Drive The Uptrend To $1?
As the XRP price chart finally witnesses a surge in momentum, the anticipation of a trend reversal skyrockets. With the Ripple rally completing the rest of the $0.54 support zone successfully, the reversal rally ignites a sharp jump.
Source – Tradingview
With the XRP price taking a 10% jump in the last five days, the current market price of the altcoin stands at $0.5785. As per the price action, the bullish reversal above the zone teases a potential jump to the next level at $0.65.
SEC Vs. Ripple Case
BTC-spot ETF market updates sparked a widespread crypto rally, including speculation about an XRP-spot ETF, further stirring the market. Amidst this backdrop, the SEC vs. Ripple case saw no major developments to influence investors directly.
A critical date is March 13, 2024, when the SEC must present its arguments for a penalty against Ripple for unauthorized XRP sales and breaching securities law. Ripple’s response is due by April 12, with potential fines based on sales to certain US investors. Judge Torres will assess XRP revenues before deciding.
Will XRP Price Witness A Longer Upmove?
As the ongoing reversal struggles to sustain dominance due to the intraday drop of 1.17%, the XRP price between two crucial zones. With a high possibility of buyers challenging the $0.65 resistance, the altcoin could find a prolonged bull run.
Further, the recovering market and a potential development in the SEC-Ripple Case in the coming months could fuel the next bull run. In such a case, the Ripple market price could reach the long-awaited $1 milestone.
Filed under: Bitcoin - @ February 28, 2024 7:19 am