Although many assets in the cryptocurrency sector are starting to slow down their recent bullish rally, including XRP, which has even entered the red zone during the day, signs are suggesting that the asset could be in for a significant recovery that could take it to the $0.77 price.
Specifically, the XRP token recently witnessed a breakout above the $0.6649 resistance on its daily chart, with its monthly time frame suggesting an obvious move upwards, meaning that “April will be hot,” according to the observations shared by pseudonymous crypto analyst Dark Defender.
As per the expert’s calculations, XRP is looking at targets closer to $1.33 mid-resistance, with $1.88 and $5.85 Fibonacci targets in the coming weeks, but not before surpassing $0.7707, the next target that Dark Defender shared more recently in an X post published on March 13.
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Why is XRP dropping?
Currently, however, XRP is experiencing a 2.84% drop on its daily chart, which coincides with a significant reduction in funds entering the derivative market, suggesting investors might be closing their positions, according to the data uncovered by analytics platform CoinGlass.
That said, XRP’s current price at $0.6806 also represents an increase of 13.72% across the previous seven days, a 30.90% gain on its monthly chart, as well as a 10.70% advance since the year’s turn, according to the most recent information retrieved by Finbold on March 13.
XRP price prediction after lawsuit
Meanwhile, the crypto community is eagerly awaiting the final conclusion of the legal battle between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple over selling XRP, which the regulatory agency considers a security.
Although Judge Analisa Torres ruled in July last year that retail sales of XRP did not constitute securities sales, the judgment regarding its institutional trades is still pending, particularly regarding the amount of damages that Ripple will have to pay, and XRP price could react in line with the outcome, although specific figures are difficult to predict.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
