Ripple’s XRP token faces significant resistance at $0.60. The asset is down by 0.8% in the weekly charts and 3.8% in the 14-day charts. Nonetheless, XRP has rallied 2.9% in the daily charts and 9.7% over the previous month. Moreover, XRP’s price has risen by over 60% since March 2023.
Also Read: Ripple: Could XRP Be Headed for $1 After the Bitcoin Halving?
XRP has had a slow recovery despite a market-wide rally over the last few weeks. The asset’s lackluster performance is likely due to Ripple’s ongoing lawsuit with the US SEC (Securities and Exchange Commission).
Can Ripple’s XRP hit $0.80 this week?
XRP witnessed a significant price spike last week, hitting $0.73. However, the asset’s price could not hold and fell soon after.
According to CoinCodex, Ripple’s XRP could climb to $0.78 on Mar. 22, 2024, a rise of about 27.8% from current levels. However, the platform does not anticipate the price to hold, predicting a correction soon after. CoinCodex predicts XRP to fall below $0.70 by Mar. 24, 2024.
Also Read: Ripple: 3 Reasons Why XRP Could Turn Around to End March
Changelly also paints a similar picture for XRP, predicting the asset to hit $0.796472 on Mar. 21, 2024. Reaching $0.796472 from current levels translates to a growth of about 30.5%. However, Changelly also predicts that XRP will fall below $0.70 soon after the rally.
Ripple’s lawsuit with the SEC has been a significant barrier to XRP’s price. Although a US district court ruled partially in favor of Ripple last year, the lawsuit is now in the high court, and investors await a verdict. If the high court rules similarly to the district court, we may witness a surge in XRP’s adoption and price. Nonetheless, until we have a ruling from the US high court, XRP’s price may continue to trade at around current levels.
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