New 2024 High for Ripple! XRP Price Eyes $1 Target Amidst Positive Sentiment

Published by

Zameer Attar

March 12, 2024

Cryptocurrency enthusiasts are buzzing with anticipation as XRP gears up for a major breakthrough in the monthly timeframe. The closure outside a massive triangle pattern could signal the start of the largest bull run rally in XRP’s history.

What to expect? Read on to find out.

XRP Bulls at a Crossroads?

Monday witnessed a significant surge for XRP, hitting a new year-to-date high of $0.7440. This milestone comes after weeks of struggle against the $0.66 resistance level. Factors driving this rally include the looming deadline in the SEC vs. Ripple lawsuit and the recent approval of the Automated Market Maker (AMM) amendment for XRP Ledger.

Coinbase Drama

Based on the Ripple vs SEC case, Coinbase filed a motion against the SEC, revealing the regulator’s conflicting attitude on digital assets. The SEC’s 2018–2021 comments regarding cryptocurrencies were inconsistent, according to the complaint. Coinbase contests the SEC’s power over digital assets, therefore the Ripple lawsuit’s decision affects its challenge to the sale of unregistered securities.

Cheering the move, Bill Morgan, blasts the SEC’s contradictory positions in the Ripple case and William Hinman’s speech, as highlighted in a table from Coinbase’s filing. He labels the SEC’s actions as an “incompetent shit show” and questions the regulator’s credibility amid claims of regulatory clarity.

Back in the Spotlight!

A mysterious whale transferring a hefty amount of XRP from Binance puts Ripple back in the limelight. Combined with the rising momentum of the bull market, this raises the likelihood of a bull run in XRP’s price.

Technical Outlook

Technically, XRP looks bullish, maintaining stability above critical support levels. Despite a minor correction to $0.6940, XRP stands well-supported at the 78.6% and 61.8% Fibonacci retracement levels. Key indicators like Moving Average Convergence/Divergence (MACD) and Awesome Oscillator (AO) signal positive momentum, supporting the current uptrend.

In simple terms, if XRP stays above key support levels, it could aim for a $0.7500 price target, last seen in November 2023. However, dipping below $0.6886 may lead to a temporary drop to around $0.6147 before a potential bounce back.

Also Read: XRP Price Eyes All-Time High as Ripple vs SEC Heats Up, Predicts Lawyer

$1 Mark in Sight?

Amidst the optimism, buyers eagerly anticipate XRP crossing the $1 mark. Questions like “Is XRP a good investment?” and “Will XRP’s price reach $1?” echo through the market, adding excitement to the drama.

Now, you decide.

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.