XRP Drops, Will Bulls Rally Above $1 In April?

XRP is under pressure, and is slipping when writing. Even though buyers are optimistic, it is until after there is a strong close above $0.7

Written by: Dalmas Ngetich • Friday, March 15, 2024 • 2 min read

XRP is under pressure, sliding, and aligning with the immediate term formation. In all, the coin has not been spared and has reversed almost 80% of the March 11 upswing. Though there are hints of strength since gains haven’t been completely reversed, the odds of further losses could dent confidence.

XRP daily chart for March 15

From coin trackers, XRP is down roughly 9% in the past 24 hours, reversing all losses in the previous week. Even though the upside remains, the uptick in trading volume, like in most pairs, means traders might look to exit longs or double down on shorts. So far, trading volume is up 85% in 24 hours to $4.2 billion. At the same time, the market cap is down to $34 billion, shrinking by 8% in 24 hours.

The ongoing case between Ripple and the United States Securities and Exchange Commission (SEC) questions the agency’s regulatory powers. By March 22, the SEC should file their opening remedy-related brief before Ripple lawyers submit their opposition brief a month later. However, the case will drag on for months as Ripple lawyers try to prove no fraudulent activity when they issued XRP.
The broader XRP community remains bullish. In their assessment, the outcome of the ongoing court case will likely drive prices above $1 or better. The case will end in April, but the court will specify their penalty later.

XRP Price Analysis

XRP/USD is bearish when writing.

Overall, the coin remains in a bullish formation, primarily because of the March 11 bull bar. Prices are still moving inside the bull bar, a net positive for optimistic buyers.

Even so, for the uptrend to be validated, there must be a conclusive close above $0.74. This breakout must be with rising volume, lifting the coin to $0.84, $0.93, and even $1 away from the current range.

Conversely, if sellers press on, any loss below $0.58 or the March 11 low might see XRP crumble to $0.50 or the February low.