The XRP price has remained relatively calm amidst the broader crypto market correction this week, experiencing only a 3% decline and trading around $0.61. According to the analysis provided by altFINS, the price faced rejection at the $0.75 resistance level in mid-March and subsequently pulled back.
However, they suggest that buyers could potentially find an attractive swing entry in the uptrend near the $0.57 support area, which coincides with the 200-day moving average. This potential entry point could offer an upside of around 25% back to $0.75, and if that level is breached, the price could even reach $0.92.
XRP Price Chart
altFINS’ analysis indicates that the momentum is mixed, with the MACD line below the MACD signal line, signaling an overall bearish trend, but the RSI hovering around 50, indicating a neutral stance. Nevertheless, the rising MACD histogram bars suggest that momentum could be nearing another upswing.
In terms of support and resistance levels, the nearest support zone is identified as $0.55 (previous resistance), followed by $0.45. On the resistance side, the nearest zone is $0.75, with $0.92 being the next significant level.
Ripple Vs SEC Battle Continues
It is worth noting that the XRP price is heavily influenced by the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). In this regard, James K. Filan, a lawyer closely following the case, provided updates through his tweets.
Initially, on March 19th, he announced that the parties had filed a joint sealing proposal to govern sealing issues related to the upcoming remedies-related briefing in the case.
#XRPCommunity #SECGov v. #Ripple #XRP The parties have filed a joint sealing proposal “to govern sealing issues relating to the upcoming remedies-related briefing to be filed in this case.” pic.twitter.com/gaF2DLlWDN
— James K. Filan ???????????????? (@FilanLaw) March 19, 2024
Subsequently, he revealed that the SEC had filed its opening remedies-related brief and supporting documents under seal, meaning they are not yet public. What lies in these documents is still unknown. However, he stated that public, redacted versions would be filed no later than Tuesday, March 26, 2024.
#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed, under seal, its opening remedies-related brief and supporting documents. These documents are not public yet. Public, redacted versions will be filed no later than Tuesday, March 26, 2024.
— James K. Filan ???????????????? (@FilanLaw) March 22, 2024
The legal updates from James K. Filan suggests that the case is progressing, and the remedies-related briefing could potentially shed light on the outcomes and implications for Ripple and XRP.
So, as the case unfolds, the market’s sentiment and price movements of XRP are likely to be influenced by the developments and potential resolution.
XRP Underperforms Meme Coins
All in all, the XRP price has maintained relative stability despite the broader market correction, and altFINS’ analysis suggests potential opportunities based on technical indicators and support/resistance levels. However, the ongoing legal battle between Ripple and the SEC remains a big factor influencing the price dynamics of XRP, and the upcoming legal developments could potentially shape the market sentiment and price movements.
In 2024 so far, new low market cap meme coins have taken centre stage and outperformed the big caps such as XRP and Cardano, and even Dogecoin and Shiba Inu themselves.
Newly launched meme coin Dogecoin20 utilizes smart contracts to enable users to earn DOGE20 coins through staking. In addition to offering staking rewards, the DOGE20 token has a fixed supply of 140 billion tokens, which differentiates it from its inflationary competitor DOGE. The project has raised almost $7 million in its crypto presale.
