LIVEImportant Notice 🔥
>>> ( Just Sharing my thoughts )
XRP price fell sharply by 17.5% and failed to break above the $0.7 resistance zone, indicating a lack of bullish strength. Despite hitting a local high of $0.744 on March 11, a market-wide sell-off caused the price to fall. The ongoing SEC vs. Ripple case, as well as the upcoming important dates, may affect investor sentiment and the flow of whales to centralized exchanges. The outcome of the SEC-Ripple case and market forces are expected to impact XRP price action in the coming weeks. Ripple Labs, founded in 2004 and later co-founded by Chris Larsen and Jed McCaleb in 2012, uses XRP for transactions on its network. XRP runs on the XRP Ledger and is pre-mined with a maximum supply of 100 billion tokens. The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs in 2020, claiming that XRP was an unlicensed security. Three years later, a court ruled that XRP was not a security, affecting the SEC’s authority over cryptocurrency sales. Technical analysis suggests a possible shift towards the $0.52-$0.54 demand zone due to bearish momentum and lack of buyer advantage. The lower time frame chart suggests $0.65 as a key short-term resistance level that could lead to $0.56, according to AMBCrypto data. XRP has been range-bound since August 2023, and its inability to break above the $0.7 resistance is not indicative of bullish strength. Investors may wait for further losses before buying XRP.
