XRP Price Rejected At $0.66, End Of Bull Run?

XRP price is bullish but finding strong rejection at around the $0.63 and $0.66 zone. California regulators are also suing Ripple

Dalmas Ngetich•Thursday, March 7, 2024•2 min read

XRP remains one of the top altcoins. Even so, it remains to be seen whether it will reclaim its past glory. Currently, the coin is trading at around $0.62, and relatively stable in the past 24 hours. Equally, gains in the previous week remains low, especially when compared to meme coins like Dogecoin and Shiba Inu. DOGE and SHIB are up double and triple-digits in the last week of trading.

Regulatory hurdles present a major hurdle for XRP. If this is resolved, it is highly likely that the coin will see more inflows, pushing prices from current levels, perhaps to above the main resistance at $0.85 and, later, to $1.

XRP boasts of a market cap of $34 billion. However, less than 10% of this was traded in the last trading day. This could mean that though the uptrend is clear, traders may be considering alternatives. As it is, more DOGE and SHIB are traded in the same period.

Traders can watch the following XRP and Ripple events in the coming sessions:

XRP transfers: Recently, Ripple, the blockchain company, moved 800 million XRP to an escrow account in three batches. With this, the coin slightly rose as the community interpreted the transfer as a net positive for price. The more coins are taken off from circulation, and assuming constant or higher demand, the scarcer it becomes. Accordingly, this might lift prices.
Regulations: Besides the protracted lawsuit pitting Ripple and the United States Securities and Exchange Commission (SEC), it appears there will be more setbacks for the company. Recently, Californian regulators filed a lawsuit. They are claiming Ripple sold XRP without registering.