XRP Building Momentum, Bulls Target $0.66

XRP is flat at sixth and stable in the past week and day. The uptrend remains, and the coin might benefit from the overall crypto expansion

Written by: Dalmas Ngetich • Monday, March 11, 2024 • 1 min read

• Last updated: Monday, March 11, 2024

XRP is flat at sixth and stable in the past week and day. Technically, the uptrend remains, and the coin might benefit from the overall crypto expansion.

Currently, it is trading at $0.62, with a market cap of $34 billion. The 30% increase in trading volume over the last day indicates growing interest. However, the inability of prices to break free from the current resistance levels at $0.66 and $0.72 should be a point of caution. XRP prices, as of now, remain volatile and are moving sideways in the daily chart.

XRP price daily chart for March 11

XRP is still one of the most liquid coins, considering its high market cap. Prices will be driven by internal, crypto, and market-wide events. For now, the following have been making headlines:

Although volatile, Ripple CTO Joel Katz thinks XRP is not a “lottery ticket.” He admits that the coin might appreciate over the years, benefiting holders. The coin might rally in the short to medium term due to shifting sentiment and the ballooning valuation of Bitcoin and Ethereum. The introduction of the XRPL AMM for holders to earn passive income via liquidity provision might also help stir demand.
Ripple–the blockchain company–plans to acquire Standard Custody & Trust Co. Acquiring the regulated company in New York will allow it to expand its operations while remaining compliant with existing laws.

XRP Price Analysis

XRP/USD prices are consolidating in the daily chart.

Prices are bound by the bear bar of March 5. From this, the coin has resistance at $0.66 and $0.53, respectively. This formation favors sellers.

In the 1-hour chart, XRP has local resistance at around $0.623. With rising volume and wide-ranging bars, prices are likely to break higher towards $0.668. If this happens, the coin might rally to $0.72 and eventually to $0.85.

Conversely, losses below $0.60 might lead to more losses toward the March 5 lows.