XRP Following the breakout of a strong resistance trend line, the price presented a consolidation range, stalling near the $0.55 mark. Amidst the recent rally in the crypto market, the bulls are officially back as it has surpassed $2 Trillion in market cap and nine Bitcoin ETFs have surpassed $2 Billion in trading volume.
XRP price action has been delayed in showing signs of a reversal. However, with a 6.39% jump overnight, Ripple is heading for a recovery rally as investors moved their XRP price prediction to the $1 milestone.
Will XRP Extend Its Uptrend to $1?
The XRP price chart has finally witnessed an increase in momentum. On the other hand, the expectation of a reversal of the trend is also increasing rapidly. The reversal rally is sparking a sharp bounce as Ripple successfully completes the rest of the $0.54 support zone.
altcoin Its price has jumped 10% in the last five days. Currently, the current market price of the altcoin stands at $0.5785. Based on price action, a bullish reversal above the zone opens up a potential bounce to the next level at $0.65.
SEC Vs. Ripple Case
Updates on the BTC-spot ETF market have been widely reported, including speculation regarding the XRP-spot ETF. crypto- This led to a rally, further confusing the market. Amid this backdrop, there have been no significant developments in the SEC vs Ripple case that will directly impact investors.
The critical date by which the SEC must present its arguments for a penalty against Ripple for unauthorized sales of XRP and violations of securities law is March 13, 2024. Ripple’s response is due by April 12 and potential money based on sales to certain US investors Punishments need to be given. Judge Torres will evaluate the XRP proceeds before making a decision.
Will XRP Price Witness a Longer Rise?
As the ongoing reversal struggles to maintain its dominance due to the 1.17% intraday decline, the altcoin price is in between two key areas. With buyers likely to challenge the $0.65 resistance, the altcoin could find itself in a prolonged bull run.
Additionally, the recovering market and a potential development in the SEC-Ripple Case in the coming months are likely to fuel the next bull run. In such a situation, Ripple market price is likely to reach the long-awaited $1 milestone.
