Ripple-SEC Case Ending: Will XRP Break $0.74?

XRP is flat-lining when writing, with prices in a very narrow range. Even though buyers expect a breakout above the current consolidation, triggers are mostly fundamental-driven. As it is, prices are still bullish and moving higher relative to events in early February 2024. 

At press time, the coin is steady in the daily and weekly range. In the short term, the path of least resistance is northwards. How XRP prices evolve depends on how strongly the immediate reaction levels are broken. For now, trading volume is building up, adding 6% in the last 24 hours to over $1.9 billion.

The following XRP news events might influence prices:

• As crypto prepares for what analysts say is an “altcoin season,” some say this is the time to accumulate XRP. One analyst says the coin is ready for an explosive run above $1 to even $6 in the coming weeks. Anchoring this optimistic preview is that prices have bottomed up. The coin is ready for a leg up.
• The United States SEC lawyers recently filed for an appeal, asking the presiding judge to make a ruling in their ongoing case versus Ripple. Amid this, one whale transferred 300 million coins in two batches.

However, traders expect an explosion from current levels once the judge makes a ruling in the ongoing court case.

Before then, traders can watch out for the reaction at $0.66 and $0.59.

A breakout, in either case, either nullifies the bullish preview or cements the forecast.

A close above $0.66 might lift XRP above $0.74 in a buy trend continuation. If this happens, the coin might reach $0.83 or higher.

Conversely, losses below $0.59 will confirm the double top in the daily chart. In that case, XRP might collapse to as low as $0.50 as sellers press on.