The crypto tide is rising, lifting XRP prices in early March 2024. After a period of hesitation, the coin is breaking above last week’s high, expanding as Bitcoin (BTC) registers fresh 2024 highs.
Coin trackers reveal that XRP is up 4% in the past 24 hours, adding 19% in the previous week of trading. Even though the uptrend remains, it is no longer in the top five, as in the past. Instead, other top altcoins like Solana (SOL) and BNB have flipped XRP, cementing their positions in fourth and fifth, respectively.
Nevertheless, XRP is changing hands at $0.65, commanding a market cap of over $35.6 billion, and widening its gap from the next altcoin, Cardano (ADA). It is not clear whether the upside will continue at the same pace as Bitcoin’s. However, the crypto community is watching key regulatory pronouncements in the United States that could reshape XRP’s trajectory.
On March 4, the following are key events that impacted XRP:
A United States Judge ruled that altcoins traded in the secondary markets, that is, exchanges, qualify as securities. A resounding win for the United States Securities and Exchange Commission (SEC), the ruling means that most altcoins, as interpreted from the case pitting the regulator against a former Coinbase employee, are investment contracts. It is not clear how this will influence prices in the future.
The United States SEC is yet to endorse XRP, like it did to Bitcoin, as a commodity. Their officials maintain that a big percentage of altcoins are trading illegally as unregistered securities. There is an ongoing case seeking to clarify whether the token is a commodity or security.
XRP Price Analysis
The path of least resistance for XRP is upward.
There are hints of rejection of lower lows in the last two bars—as seen from the long lower wicks.
Based on the XRP/USD candlestick arrangement in the short-term, XRP has support at around $0.60.
Following today’s break out, buyers can search for long entries, targeting November 2023 highs of around $0.72.
Overall, the coin remains in a bullish formation. Since prices are inside the July 13 bull bar, there is a chance XRP will float towards $0.82 in the coming sessions.
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