A Break Above This Key Level Could Turn Ripple XRP Price Price Bullish!
Ripple has been on a downtrend for two months, with the XRP price making lower highs, but buyers keep returning and soon we will see a break to the upside, probably in April when most are expecting a decision from the SEC.
XRP Faces Resistance Despite March Surge
Ripple (XRP) has struggled to gain sustained momentum, despite a brief spike on March 2, when Donald Trump suggested including XRP in the US national cryptocurrency reserve. The price initially surged, but buyers failed to hold gains above $3, leading to a sharp reversal downward. This level would be the one to watch; if XRP moves above it, then we will have higher lows, which indicate a trend reversal.
Since mid-January, the broader bearish sentiment in cryptocurrencies has weighed on XRP, preventing any significant breakout to higher highs. The price action suggests that as long as lower highs continue to form, the bearish trend remains intact.
Ripple XRP Chart Daily – $2 Support Holds Strong as XRP Attempts a Rebound
Despite its struggles, the $2 level has remained a key support zone, with buyers stepping in to prevent further losses. XRP briefly dropped below $2 last week, but a strong wave of buying demand pushed it back up to $2.47 yesterday.
However, today, XRP has slipped back to around $2.30, as buyers failed to push the price above the 50-day SMA (yellow), which continues to act as resistance.
Large XRP Transfer Fuels Speculation Amid SEC Legal Battle
Last week, a significant transfer of 200 million XRP (worth approximately $457 million) to Ripple raised speculation about the company’s next moves. This transfer comes as Ripple remains locked in a legal battle with the SEC, a case that could have major implications for the cryptocurrency’s regulatory status.
The ongoing discussions around regulatory approval for crypto assets continue to be a key factor influencing XRP’s price action. A favorable settlement with the SEC could provide much-needed legal clarity, potentially boosting institutional adoption and driving XRP prices higher.
Conclusion: A Bullish Breakout Hinges on Key Resistance Levels
XRP remains stuck in a downward trend but continues to find strong buying support at $2. A break above the 50-day SMA and a sustained move beyond $3 would be the key turning point for a bullish reversal.
With regulatory uncertainty still looming, traders are watching Ripple’s legal battle and institutional interest closely. If a positive legal resolution emerges, XRP could see strong upside momentum, breaking out of its current range.
Ripple XRP Live Chart
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals