XRP price today rose to $0.66, reaching its highest level for the year 2024. The rise of XRP has likely caused surprise for many. Because XRP has been a coin that has tested the patience of Turkish investors. Meanwhile, the altcoin continues to stay above the psychologically important $0.60 level amidst developments in the SEC and Ripple lawsuit.
The Relationship Between Ripple and XRP Price
Ripple advocate Attorney Bill Morgan believes that as Ripple’s XRP reserves decrease, this will positively reflect on the XRP price. Additionally, escrow wallet accounts established by the payment transfer company will make XRP supply more predictable and may reduce the negative impact on XRP price. At this point, the fact that XRP price is trending above $0.60 and reached the highest level of the year over the weekend is noteworthy.
An important date related to the SEC and Ripple case is also approaching. The deadline for the regulatory body’s opening summary, March 22, 2024, is significant as it is a date changed following the SEC’s request for an extension from the court.
Key Levels to Watch for XRP Price
According to technical analyses, XRP price is currently on an uptrend and may continue to rise towards the $0.7000 level, finding support at $0.6501. The Moving Average Convergence Divergence (MACD) and Awesome Oscillator (AO) support XRP’s recent gains and bullish thesis.
However, in case of a potential price drop, the $0.6148 level, which is the 78.6% Fibonacci retracement level, emerges as a support. A daily candlestick closing below this level could invalidate the bullish thesis.
Contrasting Behavior in Dips and Rallies
With the decrease in pressure on XRP price, a continuation of the uptrend in the coming days seems likely. However, it is important for investors to closely follow significant developments such as the SEC and Ripple case.
Developments related to XRP are closely monitored in Turkey as well as around the world. Because XRP does not seem to hold a very reputable position among investors, as it is a coin commonly included in the portfolios of those entering the cryptocurrency market. This is due to serious criticisms of the cryptocurrency and Ripple.
Especially the way XRP moves like a slow cart during rallies but plummets like a rocket during declines has dampened the appetite of its investors. Therefore, as the title of the article suggests, I too say finally for XRP.
