XRP faces resistance and ETF anticipation amid price fluctuations

XRP did go as high as $0.7420; however, it has found a way back to mark a new resistance. Speculation is that XRP could touch $0.600 in the years to come if it breaks the ongoing resistance of $0.620. There has been a jump of 3.52% in the last 24 hours, taking its value to $0.6212, but a fresh surge is still needed to take it back to $0.700.

There is a bearish trend line forming at around $0.620 on a 4-hour chart for XRP/USD. If Ripple takes the token to $0.6380, then a possibility opens up for it to bounce back to $0.670.

A lot has stayed the same in the last seven days; the fluctuation is only 0.01%. The last 30 days have been entertaining, with a rise of 11.75%. Technical indicators are now divided about the near future of XRP. For instance, the 4-hour MACD is losing interest in the bullish zone, and the 4-hour RSI is below 50. Support levels and resistance margins are optimistic, with a maximum value of $0.6380.

Ripple versus the US Securities & Exchange Commission is a major contributor to the way in which movements happen on the graph. Recent reports cite that the year-long battle is far from coming to an end, but the upcoming court dates set a precedent that the case has only a few loose ends to be closed. The agency has to file a response by March 22, 2024, within 1 month of which Ripple will file its response.

According to the consensus of the community, the token’s recurrent setbacks are primarily attributable to the legal dispute. Prices may ultimately recover now that a potential solution is apparent at the end of the tunnel.

Also, there is growing anticipation about XRP ETF if the legal case reaches near settlement. While Ether ETF is the next best bet for everyone, XRP ETF is still in line and among the most expected ETF products. Brad Garlinghouse, the Chief Executive Officer of Ripple, said they would welcome such an investment offering, hinting at the approval of the ETF and the following inflows.

XRP continues to move around $0.6200. Downwards are expected to happen, but XRP predictions estimate that the token will end in 2024 at a better point. The most optimistic prediction is that the token will inch closer to $2 once it hits the $1 milestone.

Developments for XRP come at a time when BTC and ETH are down from their recent ATH. BTC is listed at ~$68,000, and ETH is exchanging hands at ~$3,600. Overall sentiments are bullish, for the BTC ETF is still registering inflows, and the Ether ETF is next in line for approval.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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