XRP Stars Dimming, Strong Resistance At $0.66
XRP is stable but bullish. On the last trading day, gains were marginal. However, the coin is up 6% in the previous week
XRP is stable but bullish. On the last trading day, gains were marginal. However, from a top-down preview, especially assessing performance in the previous week, XRP is up 6%. The rally is overly muted, and the coin continues to underperform relative to Bitcoin, Ethereum, and even Solana in the top 10.
Still, XRP has cemented its position at sixth. USDC will likely flip the coin if the Bull Run continues, considering its role in trading and DeFi. USDC is popular in Solana, a resurgent network with soaring meme activities.
XRP has a market cap of $34 billion. The average trading volume is around $2 billion, lower than in the previous 24 hours. Even so, with investors optimistic, there will be a spike once the coin breaches immediate resistance levels in a buy trend continuation.
In the past trading day, the following XRP news made headlines:
- In the ongoing case between Ripple and the United States Securities and Exchange Commission (SEC), the presiding judge questioned the agency’s vague rules and regulations. The SEC has been under fire recently after filing a motion to dismiss charges against Debt Box.
- On March 7, Jerome Powell, the United States Federal Reserve chairperson, testified. Powell said they were data-driven and will likely cut rates later this year. These comments lifted assets, including XRP.
XRP Price Analysis
XRP/USD prices remain choppy, looking at the formation in the daily chart.
So far, the coin has been held within a wide range of between $0.53 and $0.66. Since the bear bar of March 5 defines the current formation, the trend is bearish in the short term unless there is a sharp expansion above March 2024 highs.
In the 1 HR chart, XRP is between $0.639 and $0.619.
Prices are moving higher but have been consolidating in the better part of the Asian and early London sessions.
A break in either direction will take the coin to $0.66 or $.53.
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